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Level 1
posted Jun 6, 2019 8:49:09 AM

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

0 1 995
1 Best answer
Level 6
Jun 6, 2019 8:49:11 AM

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.

1 Replies
Level 6
Jun 6, 2019 8:49:11 AM

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.