I purchased the property in October 2011. In 2012 I let a local farmer cut and bale the hay and did not charge him anything. This year I plan on having the same farmer bale it and will split the bales with him and sell my share. It is my understanding that I am unable to claim the interest that I paid on the land loan as mortgage interest because there is not a home on the property. With that being said I believe the only thing I can claim is the investment expense.
Tax Question
- Thread starter Nissan197
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