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Investment Interest expense
I carry a note (loan) on a house and an escrow company is used to collect payments. I received a 1099-INT for interest received and a monthly service is charged. Can I deduct this charge as "Investment Interest expense"? If so what description do I used/enter? Or am I do deduct it some other way?
Thanks,
Patrick
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June 6, 2019
8:49 AM
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Investors & landlords
Yes, you can deduct the expense for collecting your taxable investment interest. This as an allowable miscellaneous itemized deduction (for the amount above 2% of your AGI), which is taken on Schedule A. You could call this Private Mortgage Escrow Fees.
June 6, 2019
8:49 AM