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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 10386
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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Processing fee $1200.00 I incurred on VISA. Besides Monthly

Customer Question

Processing fee $1200.00 I incurred on VISA. Besides Monthly interest. I add to BASIS. Not Depreciate. Who lump sum.
Rental leases on this property begin 9/1/2013.
Visa Interest 1.99 % on $40,000, I subtract on Schedule E. Under line 12 or is line 13 other interest. Do I have to attach sheet other explain other interest.
Submitted: 8 months ago.
Category: Tax
Expert:  Megan C replied 8 months ago.

Customer:

Thanks for your question - I am just curious if you were unable to see my response on your previous question

Customer:

You are correct, you add the $1,200 to your basis. The Visa interest after the rental is in service will be on line 13 of your schedule E

Customer:

You attach a sheet to explain other interest, if you have more than one source of interest

Customer:

If Visa is the only source of your other interest, just put "Visa" on the line next to "other interest"

Customer:

Did you have any further questions? If not, please let me know if I have provided you with excellent service today

Expert:  Megan C replied 8 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Megan C replied 8 months ago.
Emma,

I see where we had troubles with Live Chat. If you would, please review my response. Follow up with me below if I have not addressed your concerns. If I have answered your question, please rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again for being a valued JA customer.
Expert:  Megan C replied 8 months ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Expert:  Megan C replied 8 months ago.
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