I have 3 (A,B, C) properties, 2 of which (A, B) were foreclosed. The 3rd one serves as my primary residence.?

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I have 3 (A,B, C) properties, 2 of which (A, B) were foreclosed. The 3rd one serves as my primary residence.?

During Tax season, am I disallowed to report the 1098-INT that I have paid on my 3rd (C) property? Please help.

2007-09-12 09:52:46 · 2 answers · asked by Mec C 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

You will still be able to deduct the interest.

If the other two properties were rentals you will probably have capital gain taxes to deal with on them plus the depreciation recaputure. You could also have forgiveness of debt income.

This is not the year to try your taxes on your own!

2007-09-12 09:58:23 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋

you may report it and deduct it

2007-09-12 10:02:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋