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February 19, 2025
Question

Purchased Interest

  • February 19, 2025
  • 1 reply
  • 0 views

My 1099 detail shows PURCHASED INTEREST  is it possible to use this amount to reduce the amount of interest shown on my 1099?  If so how do I enter it?  Also is there another name for Purchased Interest?  I don't see it listed anywhere on the program.

 

1 reply

February 19, 2025

Unfortunately interest paid on purchases is not deductible under the current tax law.  It can't be used to reduce the amount on your 1099.

 

@Momofsix1 

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