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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: Gary Korn who wrote (1315)3/24/2001 2:46:16 PM
From: Colin Cody  Read Replies (1) of 1383
 
Gary, Officially the IRS says NO you may not deduct personal interest, which is what they call 1040 installment plan interest.

The Courts have been divided on the issue in the past when taxpayer's argued that the taxes due were from their trade or business's profits and therefore the interest thereon should be treated as Schedule C, business interest.

Basically you can not take the interest as a deduction, and if you do so anyways and you get caught; you will likely be penalized by the IRS. Then you could take them to Tax Court and see how you make out.
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