The IRS Deductions Blog » interest

Deductible Mortgage Interest

admin — Thu, 25 Aug 2011 11:15:16 +0000

Question: Is mortgage interest 100% deductible and what about the origination fee?Answer: Yes and Yes.Items on Amazon Right Now for Deductible Mortgage Interest: Do You Know That Your Mortgage Interest is Deductable? Jan Rose-WittDeductible Mortgage Interest is a post from: The IRS Deductions BlogTags: deductible, deductible mortgage interest, deductible mortgage interest calculator, deductible mortgage [...]

Deductible Mortgage Interest is a post from: The IRS Deductions Blog

Income Tax Deduction Mortgage Interest

admin — Sat, 25 Jun 2011 02:24:13 +0000

Question: Mortgage Interest Tax Deduction ?The house is titled in my husband’s name, but the loan is still in mother in law’s name. My husband and I have paid the mortgage all year. Who claims the income tax deduction, my husband or my mother in law?Answer: Interest statement from the mortgage company will [...]

Income Tax Deduction Mortgage Interest is a post from: The IRS Deductions Blog

Deductible Home Interest

admin — Thu, 14 Apr 2011 20:45:35 +0000

Question: Is interest paid on Personal Loan used for Home Improvements tax deductible in US?Answer: No. To be deductible the loan must be secured by the property. By definition a personal loan has no security other than the borrower’s word so the interest is not deductible.Items on Amazon Right Now for Deductible Home [...]

Deductible Home Interest is a post from: The IRS Deductions Blog

Interest Deductible

admin — Wed, 23 Mar 2011 17:11:22 +0000

Question: Margin Interest Deductible In This Situation?I know margin interest is only deductible up to the amount of net invesment income I’ve received. Does that mean if I have $10k in short term capital gains and $10k in short term capital losses for a given year–IOW, no overall net gain–that I can’t deduct margin [...]

Interest Deductible is a post from: The IRS Deductions Blog

Tax Mortgage Deduction

admin — Thu, 06 Jan 2011 19:27:10 +0000

Question: Loan Origination Fee less than 1% of mortgage amount: 1 point for tax deduction purposes?I bought a house last year and paid about $150 less than 1% of the mortgage amount as a loan origination fee. Now that I am preparing my tax return, does this fee count as a point paid? Are [...]

Tax Mortgage Deduction is a post from: The IRS Deductions Blog

Mortgage Deduction And Amt

admin — Sat, 18 Dec 2010 02:34:02 +0000

Question: I simply find Bank of America a bunch of thieves, I asked them for help and they left me out?I requested a loan remodification from two financial institution that I have a home with ( chase + bank of America 80;20). I requested it upoan losing one of my jobs i have called these [...]

Mortgage Deduction And Amt is a post from: The IRS Deductions Blog

Mortgage Interest Tax Deduction Irs

admin — Sat, 13 Nov 2010 03:10:14 +0000

Question: Mortgage interest deduction?Hi all, I have a house under my name bought two years ago by my cousin.He pays all the bills,like the mortgage,taxes,insurance and everything that has to do with it.What happpens when tax time comes?Does he deduct the mortgage interests or me?My income is very low to be able to afford all those [...]

Mortgage Interest Tax Deduction Irs is a post from: The IRS Deductions Blog

Mortgage Interest Tax Deduction Obama

admin — Thu, 10 Jun 2010 12:35:45 +0000

Items on Amazon Right Now for Mortgage Interest Tax Deduction Obama: Time to pay the piper: would you sacrifice your mortgage deduction to the national debt? It was, for decades, the true third rail of politics: while raising taxes is never popular, nor politically wise, talking about scaling back or eliminating the tax deduction that homeowners get [...]

Mortgage Interest Tax Deduction Obama is a post from: The IRS Deductions Blog

Income Tax Mortgage Interest Deduction

admin — Fri, 23 Apr 2010 22:13:00 +0000

Question: If I pay $10K in fed income tax and I pay $10K in mortgage intrest and prop tax, is all 10K deductable?Is mortagae interest and property taxes a 1 for 1 ratio when dealing w/ U.S.A. federal income Tax Deductions? I’m looking at building a house and I will be paying about $11,000 [...]

Income Tax Mortgage Interest Deduction is a post from: The IRS Deductions Blog

Deductible Interest Expense

admin — Tue, 30 Mar 2010 13:52:27 +0000

Question: Is home equity mortgage interest deductible for home office expenses?The money was used to pay off credit cards. I am still paying on the home equity loan. If I do a home office deduction, which I qualify for in every way, can I use the home equity loan interest as a deductible expense?Answer: Be [...]

Deductible Interest Expense is a post from: The IRS Deductions Blog

Tax Deduction Mortgage

admin — Tue, 05 Jan 2010 21:44:01 +0000

Is your current mortgage payment (Including property tax and insurance) more than 31% of your income? The governments “Making Home Affordable” program is incredibly generous, the home equivalent of the “Cash for Clunkers” program. We (At www.illinoismortgagemods.com) have achieved mortgage payment reductions of over 50% for clients that were never late on their mortgage- they had [...]

Tax Deduction Mortgage is a post from: The IRS Deductions Blog

Mortgage Tax Deduction

admin — Sun, 22 Nov 2009 12:30:10 +0000

Question: Can you apply all of your mortgage interest as a tax deduction if you refinanced more than the original loan?The cash out was not used for home improvement, but I am not subject to the AMT. Does the rule that you can only apply the cash out interest used for home improvement only apply in [...]

Mortgage Tax Deduction is a post from: The IRS Deductions Blog

Tax Deduction Interest On Mortgage

admin — Sun, 23 Aug 2009 12:59:28 +0000

Its good news for those who are looking for a second mortgage refinance, as this is probably the best opportunity for you. You can refinance and choose a fixed rate 2nd mortgage, variable equity line of credit or a 30-year fixed rate mortgage. This is a very good time to go in for a mortgage [...]

Tax Deduction Interest On Mortgage is a post from: The IRS Deductions Blog

Deductible Home Equity Interest

admin — Sat, 27 Jun 2009 14:02:21 +0000

Question: Please tell me if these things are deductible?Credit card interest Auto loan interest (auto was paid for by a home equity loan on residence) Auto insurance CPA for preperation of last year’s taxes Safety deposit box for storage of stocks and tax dataAnswer: Credit card interest – No and yes. No if it’s a personal credit card, yes [...]

Deductible Home Equity Interest is a post from: The IRS Deductions Blog

Interest Tax Deduction

admin — Tue, 02 Jun 2009 13:01:19 +0000

Question: Tax deduction on interest paid on debt investment?If a person borrows money to invest in a debt instrument (e.g. debentures or FDs), can one set off the interest paid against the interest earned? e.g. if interest paid is Rs. 40 and interest earned is Rs 100, does one show Rs 60 as income to [...]

Interest Tax Deduction is a post from: The IRS Deductions Blog

Tax Deduction Mortgage Payments

admin — Sat, 09 May 2009 13:01:08 +0000

Question: How is the tax break provided on home interest payment? Is it at tax-file time or at tax-witholding time?I know that home mortgage interest payments are tax-deductible. What I dont know is when I take off the tax-deduction – is that something that can be done ONLY when I file my taxes at the [...]

Tax Deduction Mortgage Payments is a post from: The IRS Deductions Blog

Mortgage Deduction Taxes

admin — Fri, 17 Apr 2009 01:05:27 +0000

Question: Can one have more than one “2nd home” for mortgage interest & Property Tax Deduction?If one has several vacation properties, is he only allowed to deduct mortgage interest and property tax on his primary home and only 1 other property?Answer: Yes unless one is a rental. Items on Amazon Right Now for Mortgage Deduction Taxes:Wallmonkeys [...]

Mortgage Deduction Taxes is a post from: The IRS Deductions Blog

Interest Tax Deductible

admin — Sun, 12 Apr 2009 09:49:39 +0000

Question: Is mortgage interest a tax deductible expense to offset rental income?Answer: Mortgage interest on rental property is deduction. See Schedule E for a list of other deductions. Items on Amazon Right Now for Interest Tax Deductible:Schedule C & E deficiencies: is the interest deductible?: An article from: The National Public Accountant$5.95This digital document is an article [...]

Interest Tax Deductible is a post from: The IRS Deductions Blog

Deductible Interest On Mortgage

admin — Sun, 22 Mar 2009 09:40:36 +0000

Question: Main house in Canada, is the mortgage interest deductible?I work in US, but my family is in Canada, and we bought house in Canada (no house in US). Wonder whether the mortgage interest paid in 2008 is tax deductible. Thanks. Sorry, I forgot to mention the question is about the deduction in US income tax [...]

Deductible Interest On Mortgage is a post from: The IRS Deductions Blog

Deductible Margin Interest

admin — Mon, 09 Mar 2009 13:06:31 +0000

Question: Bennefit of having debt on home?I own a home in NC and have no debt against my primary residence. I would like to purchase a second home in SC. The cost of the home will run about $500,000. I have cash for the purchase but I also understand that from an after-tax standpoint, I [...]

Deductible Margin Interest is a post from: The IRS Deductions Blog