What would you like to do?
How should one claim loan origination fees and loan discount fees when filing for tax returns?
Loan Discount points and tax deductions You can claim your loan origination fee and loan discount points as interest. Essentially a loan origination or discount point are used as pre paid interest to the lender to attain a desired rate. Claim you fees as interest deductions added to your interest paid ytd from previous mortgages(on a refinance) or YTD plus origination and discount. Depends The current deduction is relevant to home loans only, within certain qualifying guidelines. Loans secured by things other than your primary residence (like a car, boat, business, stock, etc) generally are not deductible at all. The IRS has a special qualification for when fees and points that are on a home are allowed to be deducted when paid on origination, not as otherwise required - ratably over the course of the loan. Generally, it is best to follow the paperwork you will receive from the lender specifying which fee's and points are considered a prepaid interest and may be deductible. Fees (sometimes reflected as points) like those for appraisals, credit reports, brokerage, etc., generally are not.
27 people found this useful
Was this answer useful?
Thanks for the feedback!
Inheritance advances can be a great option for anyone looking to access their inheritance funds before the probate court releases the money. Most people don't realize it u…sually takes between 6 months and 2 years to receive an inheritance after a loved one passes away. The cost structure associated with an inheritance advance depends on a number of factors. These factors include the nature of assets in the estate (cash vs. stocks/bonds vs. real estate), expected time to distribution etc. The riskier and larger the advance, the more expensive it becomes. For example, if the estate is expected to pay out very quickly (say 6 months or less), or is comprised of only cash assets (bank accounts etc.), the costs will be relatively low. On the other hand, if the estate is comprised of unsold real estate or the decedent passed intestate (without a will), and it looks like it will take up to 2 years to distribute, the cost will be higher. In other words, the level of risk to the company determines the overall cost of the advance. An inheritance advance is not a loan, your credit is never an issue, there are no monthly payments. If the inheritance fails to materialize or is seized by any government agency (for taxes or child support), inheritance advance companies build the risk into the pricing and will not seek repayment from you. With an inheritance advance, a beneficiary agrees to assign a portion of their inheritance to the funding source. Cash advances on an inheritance in Probate are in the same category as funding sources that buy out structured settlements for immediate cash. Businesses charge a fee to advance you money when you need it quickly. It's important to be sure that the party entering the agreement is fully informed and fully understands the process. Thanks for the question and good luck with your inheritance advance!
That's where a company pretends that they have approved you for a loan, and that you just have to send a deposit or fee to get it. After you send the money, you do not get the… loan. You may be asked for a yet another deposit or fee, and they'll keep asking as long as you keep paying. But you will not get the loan.
It may be nothing,it could be a few points. It all depends on the lender and loan "program". The main purpose of points is to "buy down" the interest rate. So for example …a 30 year fixed rate loan with 20% down with 0 points may have an interest rate of 5%, with 1 point a rate of 4.75%, 2 points 4.5% and so on. Other loan programs (ARMS, I/Os) may vary how points and interest rate are interrelated. What it amounts to is prepaid interest on a long term loan and a way of capping your monthly payment if you can afford the up front points.
Do not let anyone charge you an up front fee for a loan modification. Go see you bank and run whatever this proposal is past them.
Answer 1: No, you should not. Many people have been ripped off in doing so. It's usually called an "Advance Fee" scam, where you send them money in the hopes of getting a loan… - and then get nothing in return, or very little from what you expected, or at rates that are beyond belief. Answer 2: This actually depends on the type of loan you are requesting. Most personal loans have no fee, however, if you are trying to get a mortgage there are fees, and that is normal practice.
Generally, the impact fee is not something that the consumer directly pays for. Rather, the developer of the new community/housing is charged an impact fee to help cover the …costs associated with adding the infrastructure necessary to support population growth. A developer may only pass on an impact fee if that line item is specifically identified in the contract that you signed when you put escrow money down on the home. If that item is not defined, you tell the developer that you will not pay it. Now, if the impact fee was buried in the price of the home, then, yes, you may finance that fee as the fee makes up part of the value of the home. If the impact fee was left as a basic line item, some banks will not let you directly finance that fee. IF you are a developer, then yes, your commercial lender should allow you to finance a portion (but not likely all) of that fee.
Trying. To get loan for adome motorcycle.
No, car loan interest cannot be claimed when filing personal income taxes. One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that t…he car was used for business and that they were not reimbursed for such usage.
The best fee for a payday loan should be something reasonable yet something that the company can benefit from. Anything from 5-15% of said loan would be a good rate.
no you have to claim it as income
A set interest rate is applied to the amount loaned. The total fees may also include a creditors charge or lending fee as well as the set interest amount.
Refinancing may refer to the replacement of an existing loan for other loan under different tems without fee. The terms and conditions of refinancing may vary widely by countr…y, province, or state.
One Hour cash Advance charge various fees. This is dependent on how much the loan is and how long it would take to pay back the loan. There is also a fee for getting the loan …quickly.
Sometimes no fee loans are given to people claiming low income. Many people on welfare will be approved for this and one example is called the No Interest Loans Scheme.
Most towns should have a few companies that solely exist for providing payday loans. Another good place to look would be Native American reservations.