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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. Visit my website at www.johnstancilcpa.com. Also visit my blog, www.thetaxdocspot.com.

Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill College

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Tax Law (Questions About Taxes) - installment contract pmts deductible

Expert: John Stancil, CPA - 11/4/2009

Question
I purchased a piece of property in an area where the Sewer district did some improvements. My portion of the improvements I am responsible for was $6300 and this is being paid back over 12 annual installments. Is the interest associated with the 12 payments deductible on my tax return. I've never taken any deduction for this but something got me thinking that maybe I can. Thanks in advance for your help

Answer
Dominic,

Thanks for your question.

It depends on the use of the property. If it is personal use property the interest is not deductible. If it is investment property, it may be deducted as investment interest, assuming you have investment income to offset it. If it is rental property, it would be deductible on Schedule E.

Hope this helps.

John Stancil, CPA

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