nahuatl71 asked:


I am using turbo and I enter all my income paid for the mortgage loan, but when it comes back it shows less than what I entered. So I wonder if the mortage interest paid is 100% or is it an average up to some amount. At the end of the process my return is the same as what it was last year but the difference is that last year I did not own a house. So I think my refun should be more.

Georgia

RNsmiles asked:


I asked my tax accountant about the 1031 exchange but I don’t feel confident that he really answered my question. We have a house that we accepted the bid for $443K we gave a credit of $13K for a net bid of $430. Our mortage is $250K.
The amount that was given to the accomodate is $153K.
Can we put in a bid for $410 and with all the fees both from escrow and to the agents end up having a mortgage of more than $250K. qualify for the 1031 exchange or do we need to bid $430K???? I understood from my accountant that as long as the mortgage is the same amount this is all the IRS cares about. Any advice?

Sandra

tru_belle asked:


I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?

Kathy

Michael B asked:


I’m buying a house that will be completely in my name, but both myself and my fiance will live in it. I bought the house with the intention of my then girlfriend (now fiance) helping pay part of the monthly living expenses (mortage, utilities, etc.). The house will be the primary (only) residence for both of us. Since I’m the owner, I’ll be writing the checks to the bank for the mortgage and she’ll be giving me a check every month. Is her payment to me considered taxable income for me? Is there a special tax-free provison for shared living expenses? I know it won’t matter after we get married, but that won’t be until early 2008. Do I have to report every penny that she pays me for the mortgage in 2007?

Jacob

gcason asked:


Does it make more sense overall to pay off your mortgage and invest the amount you would spend, or keep a mortgage for the tax benefits?

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