Tax Court Denies Investment Interest Deduction

The Tax Court held that the taxpayers were not entitled to take an investment interest deduction for any of the mortgage interest they paid on property they had purchased because they failed to substantiate their claimed allocation of the mortgage debt.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/Mkwj8HoMr5U/tax-trends_mar2013-story-01.aspx

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