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What else can I help you with?
Is a Gift Of Equity taxable?
A gift of equity may be taxable depending on how much it is. A gift of equity can be given without the recipient of it is worth 12,000.00 or less. However, if you are a couple, or there are two owners of the house giving you equity, you would be able to obtain 24,000.00 worth of equity without it being taxable.
Are home equity loans taxable?
Home equity loans are generally not taxable, as the money borrowed is considered a loan and not income. However, there are certain circumstances where the interest on a home equity loan may be tax deductible.
What does a line of credit equity do for someone?
An equity line of credit acts like a loan and most common known to be used for financing a home loan. These lines of credits generally have lower rates and when used for a loan, do not hold the same criteria as traditional mortgages.
Where can a person go to get information on equity lines?
One can get information about equity lines at local libraries, books, looking up information online or speaking with an equity lines expert, and many other ways.
Which websites carry details on home equity lines?
A good website to find resources on home equity lines would be consumerfinance,gov , there you can find information regarding what you need to know about home equity lines of credit.
Where can I find information on federal tax credits?
Federal Tax Credits are credits that reduces your taxes by the dollar as opposed to reducing your taxable income. More information about it can be found online at http://www.federaltaxcredits.org/.
Do you pay taxes on a Home Equity Line of Credit (HELOC)?
No, you do not pay taxes on a Home Equity Line of Credit (HELOC) because it is considered a loan and not taxable income.
Will you get the refund even if you had no taxable income after all the tax credits?
Do you mean the stimulus payment? If so, then yes.
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
How does a credit affect the owner's equity?
A credit increases owner's equity when it represents income or gains, such as revenue from sales or investments. Conversely, it decreases owner's equity if it reflects liabilities, such as expenses or losses. In accounting, credits are recorded on the right side of a ledger, while debits are on the left, impacting the overall equity balance based on the nature of the transaction. Thus, the net effect of credits and debits ultimately determines the owner's equity position.
How can I reduce my taxable income for the year 2015?
To reduce your taxable income for the year 2015, you can contribute to a retirement account such as a 401(k) or IRA, itemize deductions such as mortgage interest or charitable donations, and take advantage of tax credits like the Earned Income Tax Credit or education credits.
Do you have to say lines when you go out for an extra in a movie?
No because at the credits whoever says a line gets a spot in the credits extras do not get in the credits
