My 1099 detail shows PURCHASED INTEREST is it possible to use this amount to reduce the amount of interest shown on my 1099? If so how do I enter it? Also is there another name for Purchased Interest? I don't see it listed anywhere on the program.
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1 Replies
RobertB4444
Expert Alumni
Feb 19, 2025 9:25:50 AM
Unfortunately interest paid on purchases is not deductible under the current tax law. It can't be used to reduce the amount on your 1099.