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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA 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: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.


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


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


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


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


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 3 years ago.

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 3 years 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 3 years ago.

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