Home Depot and Lowes sometimes offers 0% interest in paid in full within a certain time frame. Let's say I financed something when the offer was not available. How would I report the interest paid in 2012 when the property will be placed into service in 2013?
Second question. How do you report mortgage interest paid in 2012 when the property will be placed into service in 2013?
I read Every Landlord's Tax Deduction Guide that was suggested by many on the site and those two things were not discussed. Pre rent ready repairs and improvements can only start to be depreciated once the property is placed into service. How is credit card and mortgage interest deducted before the propery is placed into service?
Shanequa J., Vantage Investment Properties | (713) 481‑2468 | http://www.housesbyvip.com | TX Agent # 655962