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
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
9137421619
New Member
mitchden1
Level 3
Tax_Lego
Returning Member
hbondra
Returning Member
semperfi_vaughn
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.