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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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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.
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.
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