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If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.
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What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
What kind of insurance is tax deductible?
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
What are the risks and benefits of heloc loans?
Some advantages of heloc loans is that they are tax deductible, have affordable monthly payments and are pretty flexible. Some disadvantages are the duration of them, the variable rate and they require there to be some home equity.
What type of loans are tax deductible?
Mortgages and Student loans are the only types of loans that are tax deductible.
Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
Can you apply unclaimed interest paid on student loans during the 2006-2007 tax season on your 2008 tax return?
Interest on student loans isn't deductible - regardless of when paid or accrued.
Is college tax deductible?
Really only those, generally for a Masters or above level, that are in your specific working profession. If your just a student getting your initial degrees, nothing is deductible. Otherwise, the Education credits (Hope and such) that are available are what you should be looking at.
What is the best way to utilize a new HELOC to improve credit if you have multiple collection accounts and an auto loan?
First, pay your collections. Unless your rate on your HELOC is lower than your auto loan, do nothing. But, always try not to take unsecure debt(car loans) and secure them on your proerty through a HELOC or mortgage. *** I suggest you pay down all debt that is late, past due or delinquent. A car loan, by definition, is secured debt. Any debt that you can roll into a heloc MAY be a good idea IF you have control your finances and you do not take on any additional debt. Typically the interest on a car loan is not tax deductible. If you pay off your car loan with your heloc you effectively roll your car loan into your heloc. In many cases this allows you to deduct the interest from your GTI (Gross Taxable Income). See a tax professional for details on your specific situation. Remember, whatever you save in interest on loans or extensions of credit, you effectively put back in your pocket. Let Uncle Sam pay as much of your interest as he will permit.
What conditions are attached to home equity loans?
These loans generally are tied to the prime rate, and may be tax deductible. They are usually revolving lines of credit with little standardization
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is pet insurance tax deductible in Arizona?
Not deductible on your federal income tax return.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
