Can you deduct interest paid on a regular personnal loan other than a mortage loan, on you taxes?
79514
No, however you may be able to refinance that loan with a home equity loan and deduct the interest on that.
409643
Property taxes and mortgage interest payments are tax deductible. If you have an office in your house that meets the federal requirements (discuss with your accountant), you can figure out the square footage of the office compared with the total square footage of the home and you can take that percentage of the cost of utilities, repairs, etc. off your taxes.
252374
The mortgage escrow refund is not reportable for taxes.  It is simply the return of your money on deposit with your mortgage co.\n\nIf you deducted the full escrow in the past, then you filed that return incorrectly.  Only the actual amount spent on real estate taxes for example are deductible.\n\nIf your mortgage co pays interest on the escrow, that amount will be taxable interest.
182078
Here's the beginning of the answer:  "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below.  It has more complete explanations.
371480
Yes.  You can deduct any investment-related expenses against the investment income you generate.  Use Schedule A.
147943
Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.\n\nYou are always, always, **always** better off not to pay the interest in the first place, whether it is tax deductable or not.\n\nMany people also ignore the fact that if you don't itemize, you still get the standard deduction even if you don't have a mortgage. This new standardized deduction will replace your itemized deduction making the loss of the deduction that much less noticable.\n\nSo do it, and congratulations!
489057
get the lowest fixed rate mortgage you can get and invest the money borrowed in something secure like a money market.  Let's say you borrow at 5.75% and invest at 4.5% - the interest paid on the mortgage is tax deductible - for a person in the 28% marginal bracket the effective rate is 4.14%.  As interest rates rise, your mortgage payment stays level but your income from the investment rises.
982144
You deduct mortgage on your primary home on schedule A.  Your rental property mortgage is deducted from the income you made on the rental property on schedule E.  There are too many variables (children, other income, other credits, other deductions) to tell you exactly how much the write-offs will save you.  You can get a GENERAL idea by dividing your adjusted gross income (line 37 on 1040) by your total tax (line 63) this is your actual tax rate.   Multiply that number by your write-offs and this is APPROXIMATELY what you will save.
1149299
Claim what?  You don't get any tax benefits just for owning a house.  But on your itemized deductions, there's slots for the mortgage interest and property taxes you've paid in the last year.  That, in most cases, is deductable.
26015
That depends on the amount of the gain, your overall tax bracket, the amount of tax already paid for the year, etc., etc. The best strategy is to use a tax planning tool and put all the information in for the year including your filing status (single, married joint, married separate, etc), wages, tax withheld, whether or not you have mortgage interest or property taxes, interest and dividends as well as the capital gains. IF you come up short, you should pay Federal and state estimated taxes. If not, no reason to do so. You could be hit with a small estimated tax penalty which is basically equal to the amount of interest due on the amount of the underpayment if you come up significantly short.
966497
The interest is tax-deductible for most taxpayers. The tuition was deductible in the tax year the tuition was paid (or billed to student loans).
821286
No, loan proceeds aren't taxable whether they are student loans or some other kind of loan.
143819
If you itemize your deductions, then your state taxes are deductible from your federal taxes.  Other common large deductions include real estate or property tax, interest on home mortgages, and (if you don't make too much money) the interest on student loans.
256090
No.  The company that holds your mortgage should have supplied you with a statement of how much mortgage interest you paid over the previous year.  You can only claim that amount.
639814
Depending on how you do this, you can write off expenses related to renting out that house.  This will usually be negligible unless you're really creative.\n\nOr, if you claim you live in the other state (pretty difficult if either state has an income tax), you can claim the house as your residence, and deduct your mortgage interest.\n\nMight also try setting up a business, having its sole function be management of your rental property.  You can deduct expenses related to the property, plus if you set up a bedroom in your apartment as an office, you can write off a percentage of your rent and utilities.\n\nI'd get an attorney's advice before trying any of these.
1160579
You should consolidate, since rates will be going up to 7% or higher.  The interest is deductible, but you're still paying more with higher interest rates.  Say you're in the 25% tax bracket, and have $10,000 in loans.  At 5%, you pay $500 in interest. The tax deduction on the interest comes out to $125, so you've paid $375.  At 7%, you pay $700 in interest, the tax deduction is $175, you've paid $525.  The worse the interest rate gets, the more (net) you'll have to pay.
827260
Debt - Interest payments are tax deductable\nEquity - Dividend payments are not tax deductable