Jan
2
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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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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Dec
29
Buck J asked:
My mom has hit hard times, and needs me to be a co-signer on a re-fi, meaning I will have to be put on title and mortage. Will I be able to get any tax benefits?
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My mom has hit hard times, and needs me to be a co-signer on a re-fi, meaning I will have to be put on title and mortage. Will I be able to get any tax benefits?
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Dec
16
My parents are lending me money for my mortgage, do I need to pay taxes on this money?
Filed Under United States | 12 Comments
janice_chan183 asked:
I am buying my first condominium in New York city. My parents are going to be partial investors and helping me with the downpayment and mortage.
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I am buying my first condominium in New York city. My parents are going to be partial investors and helping me with the downpayment and mortage.
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Nov
24
jl9185 asked:
Everyone knows that mortgage interest is deductible from income for federal income tax purposes, but is the same true for state income tax? Any websites that clearly state this? Thanks!
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Everyone knows that mortgage interest is deductible from income for federal income tax purposes, but is the same true for state income tax? Any websites that clearly state this? Thanks!
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Nov
7
Property tax and Mortgage interest deduction on marital property when divorced?
Filed Under United States | 2 Comments
Evan asked:
I am divorced and am paying the full mortage payment and property tax for a home purchased during the marriage. My ex does not work and does not contribute to any of these payments. Can I take the full property tax and interest deduction for tax purposes?
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I am divorced and am paying the full mortage payment and property tax for a home purchased during the marriage. My ex does not work and does not contribute to any of these payments. Can I take the full property tax and interest deduction for tax purposes?
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Nov
3
Can i claim mortgage interest on my taxes if its not in my name but i paid the bill?
Filed Under United States | 5 Comments
girl on a 660 raptor asked:
i paid my sister’s mortage for all of 2007, can i claim the the interest on my taxes?
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i paid my sister’s mortage for all of 2007, can i claim the the interest on my taxes?
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Oct
16
Can I deduct mortage insurance premiums paid, if they are not reflected on my form 1098?
Filed Under United States | 4 Comments
juankiboi asked:
I don’t show any amount on box 4 of for 1098, but I paid $648 per my mortgage institution. Can i still deduct it?
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I don’t show any amount on box 4 of for 1098, but I paid $648 per my mortgage institution. Can i still deduct it?
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Sep
10
Filing seperately can my wife take the Mortage Tax credit on our state (CT) taxes if the loan is in my name?
Filed Under United States | 2 Comments
Bryan W asked:
I’d like to take the auto property tax credit on my return and hopefully let her take the mortgage property tax credit. With the maximum credit allowed at $500 in CT, and us paying a lot more than that in taxes, we want to legally minimize the amount owed.
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I’d like to take the auto property tax credit on my return and hopefully let her take the mortgage property tax credit. With the maximum credit allowed at $500 in CT, and us paying a lot more than that in taxes, we want to legally minimize the amount owed.
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Aug
29
What are the calculations to show the tax benefit of mortage interest deductions for a rental-property buyer?
Filed Under United States | 1 Comment
J Silva asked:
I understand that if the owner lives in a four family house, 25% of the interest is shown as a deduction on Schedule A and 75% is shown as an expense on Schedule E.
I understand that if the owner lives in a four family house, 25% of the interest is shown as a deduction on Schedule A and 75% is shown as an expense on Schedule E.
However, exactly how does this benefit the owner? Lets assume the owner paid $500 over the course of the year in taxes and paid $100 in mortgage insurance.
Thanks!!
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