NECPA in NEBRASKA Posted March 5, 2009 Report Share Posted March 5, 2009 I'm pretty sure of the answer, because I can't find anything about it under when I looked it up, but my client doesn't want to listen to me. He paid accrued interest of $13,740.44 for something called Catch 62 for his creditable active military service. His brother, an ex revenue agent, told him that he is deducting his as investment interest expense to see if it will get through. I told my client to have his BIL send me the code to justify it. Apparently there isn't one. My answer is that the interest is not deductible, but if knows of any way that it would be a legitimate deduction, I would be happy to hear it. Thanks! Bonnie Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 6, 2009 Report Share Posted March 6, 2009 Do a google search on Catch-62. There maybe some tax relief but not as investment interest. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted March 6, 2009 Author Report Share Posted March 6, 2009 Thanks! Quote Link to comment Share on other sites More sharing options...
PapaJoe Posted March 6, 2009 Report Share Posted March 6, 2009 Is Catch 62 just Catch 22 after adjusting for inflation? Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted March 6, 2009 Author Report Share Posted March 6, 2009 I found plenty of information on it, but nothing that said that there was anything tax deductible about the interest paid. The client finally admitted tonight that he had been asking around and couldn't get anyone else to agree that it was investment interest. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.