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Processing fee $1200.00 I incurred on VISA. Besides Monthly

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interest. I add to BASIS...
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: 4 years ago.Category: Tax
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Answered in 3 minutes by:
8/16/2013
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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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

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Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 years 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.
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Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 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
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Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 years ago
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