AboutJohn 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.
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.
Question I am married with no kids. In year 2004 I got my new house constructed for which i took a construction loan. I paid about $3500 as interest in year 2004.
I was wondering, what is the best way to show this interest in the 2004 taxes. I do not have too any other deductions to make use of the Itemized deduction.
Basically my question is that, is there any way to show the interest payment as expense while using standard deduction, if not what is the other options that is have.
Answer Sam,
Thanks for your question.
You have no other options. Interest expense is an itemized deduction and cannot be taken anywhere else on the tax return. The only exceptions are 1. Interest incurred in a business context and 2. Student loan interest.
