linette
Level 5
02-04-2021
09:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If he were paying interest to buy a car would he deduct it?
Determining what was purchased and who purchased it determines where it is reported if it is reportable at all.
Personal interest is not deductible even though it is income to the person receiving it.