Updated about 9 years ago on . Most recent reply
tax deductions first time investor
hello all, this is my first year as an investor and doing my taxes got a bit confusing. I guess I could go to a professional but figured i would ask here first...I got an ODP loan out to purchase the property. I purchased it in august. I now have 10,000 out for the loan the home cost 5685 how would I got about calculating the interest 13% apr on the 5685 for the five months I paid it? This should be deductible. Also, there is an area you have to put the land value in seperate from how much you paid for the home...problem is i got the home at a tax auction so the land value and home value are different that what i paid...any advice or insight?