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On Dec 1, 2000, we closed on some acreage of vacant land. I understand that it cannot be deducted as mortgage interest, but I'm not clear on whether it can be deducted as investement interest expense. We did not receive any income on the land. I've looked at form 4952, pub 550, and tax topic 505. Can anyone help me out? It appears to me that we CANNOT deduct the $3000 in interest we've paid (yes, we got a form 1098 on it), but I just can't believe we can't recover this interst somehow! The land is farmland--maybe there's another angle? Any help would be appreciated!! Thanks.
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