Can I get a IRS Rev code to find where it says interest can not be deducted on late payments please. I know the penalties are not deductible, but I can not find the actual IRS code that states this. There is a lot of debate about whether the interest on late payments is deductible or not and no one sites the source. Thanks
@Mlemm2012 You have posted to someone else's very old thread. This thread moved over from the former Answer Xchange when the migration from Answer Xchange to Real Money Talks happened in June 2019. Unfortunately, old threads were moved with a 2019 date. This thread may or may not really be related to your issue. You have not mentioned what interest / payments you are referring to.
Please start your own new question in a new fresh thread.
Interest and penalties paid to the IRS on federal income taxes aren't deductible.
For more information, refer to Items You Can’t Deduct in the Interest Expense chapter in Publication 17, Your Federal Income Tax for Individuals.
@jerry2000 Thanks for your very clear and concise answer. I am in exactly the same situation this year (tho mine was a missing 1099). Oh well, at least I can get a break for the extra state taxes I paid.