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I paid off money owed on the purchase of land. Is three a tax benefit from the pay-off?

Forum|Forum|2 years ago
October 25, 2023
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I purchased land in Nevada. I live in California. Is there a tax benefit for paying off the land?

Ask the Experts - Extension - Sept 2023

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Thank you for your question, my friend

To answer your questions, there is no benefit to pay off your land. You can deduct the interest you paid as part of your itemized deductions if you qualify to itemized.

I hope this answered your question

Thank you so much

Martha

A

Anonymous

Answer

Thank you for your question, my friend

To answer your questions, there is no benefit to pay off your land. You can deduct the interest you paid as part of your itemized deductions if you qualify to itemized.

I hope this answered your question

Thank you so much

Martha