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- Taxpayer bought a building lot. Investment interest on the lot was disallowed and carried forward. Lot has been sold. Should the carried forward investment interest expense be added to the basis?
Taxpayer bought a building lot. Investment interest on the lot was disallowed and carried forward. Lot has been sold. Should the carried forward investment interest expense be added to the basis?
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Theoldguy
Level 1
03-29-2022
12:31 PM
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sjrcpa
Level 15
03-29-2022
01:02 PM
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No.
It may be deductible in the year of sale subject to the usual investment interest rules.
The more I know, the more I don't know.
