- Joined
- Jan 19, 2015
- Messages
- 4
- Reaction score
- 0
- Country
Taxpayer finances poultry house . Loaning authority credits interest income on the full amount of the loan approved and issues a 1099-Int for that in 2014. He uses the loan to build poultry houses which are not in service in 2014. Therefore he is hit with a $50,000 interest income to report and no offsetting interest deduction since the interest paid from the funds held is capitalized as construction period interest. Any ideas?