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All Forum Posts by: Josh Westlund

Josh Westlund has started 1 posts and replied 3 times.

Thanks again Dave...you have been very helpful!! Couple more questions for you....

Do I need to provide my lender with a 1099 or does he need to claim the interest he earned in a particular way? Also, is there a tax form called a 1040 amended return where I basically send all the same information from my original 2007 return plus any amendments or do I just need to complete a new schedule E form with line 13 filled in? Sorry for the elementary question but I have never filed an amended return before.

Thanks Dave! Do you know if there is a $ limit on how much you can deduct on line 13? Should I make a note on line 13 and/or attach a copy of the Promissory Note? Also, I paid interest on a similar loan in 2007 but did not report it on my 2007 taxes. Any idea if I can carry the interest I paid forward and include it on my 2008 return? Thanks Again for your help!!

I signed a note with an individual and then used all the loan proceeds as a down payment on an investment property. I have recently paid this off in full, including all interest due and am wondering if there is any way to deduct the interest I paid on my 2008 tax return since it was a rental expense. Any help would be much appreciated. Thank you!!