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QUESTION DETAIL
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I sold a house on a land contract and I owe a mortgage on the house. Is there any place to deduct the interest I pay other than Schedule A ? Can I net the interest paid and received on a Schedule B? I wouldn't use a Schedule A if not for this interest. Could I net it on a schedule E?
ANSWER
The BIDaWIZ Team's Answer:
No, the interest paid would only be claimed on Schedule A of your Form 1040.
