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From: wjm@whuxj.UUCP (MITCHELL)
Newsgroups: net.consumers,net.taxes
Subject: Re: Interest on Loans
Message-ID: <242@whuxj.UUCP>
Date: Thu, 17-May-84 09:20:20 EDT
Article-I.D.: whuxj.242
Posted: Thu May 17 09:20:20 1984
Date-Received: Fri, 18-May-84 02:12:05 EDT
Organization: Bell Labs, Whippany, N.J.
Lines: 14

<munch, munch, munch>

The IRS doesn't require people who you pay interest TO to report it to them.
If you don't want to take the tax break for deducting the interest you paid
to banks, finance companies, etc.  that's your privilege.  In fact, you may
not want to, since it may be to your advantage to take the standard deduction.
As for the state of New Jersey, they couldn't care less since you can't deduct
interest paid from NJ state income tax.
Of course the IRS is VERY interested (pun intentional) in interest paid to you,
since you have to report that as taxable income (with a few exceptions - notably
municipal bonds).
Bill Mitchell
Bell Communications Research, Inc.
(whuxj!wjm)