no you have to claim it as income
The deductible in a person's health insurance policy is paid by the owner of the policy. This means that the person who purchases the policy is responsible for the deductible fees.
Yes, fees paid for Alternative Dispute Resolution (ADR) services are generally tax deductible as a business expense.
Registration fees are only deductible when based on the value of the vehicle. KS registration is a set amount bsaed on the weight so they are not deductible. Your Property Taxes (paid at the same time) are deductible.
the interest that is paid or that accrues on the loan is what is basically deductible. however, such student or dependent if claimed must attend school at least half-time that leads to a degree, associate degree or a recognized certificate. it is also deductible if it accrues from a credit card used for the student loan. However, such eligible fees should receive a 1098E for its eligible insititution
Yes, the loan is not paid in full if there are unpaid lates fees
Each state has different regulations on who can do a loan modification. Check with the regulatory agency in your state. Usually it is the regulatory agency for banks and financing or real estate.
Yes if this is a "trial modification". Once the modification is finalized and you make the agreed upon payments on time, it will report as paid on time.
absolutely not. You have to pay the loan to pay the loan.
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. 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.
The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.
Yes, you will not receive your title until all fees are paid on the loan. I know for a fact because I am in the same situation.
Interest paid on a life insurance loan is generally not tax-deductible. The loan is secured by the cash value of the policy, and while the loan itself is not taxable, the interest payments do not qualify for tax deductions like mortgage interest or certain business loans do. However, it’s always advisable to consult a tax professional for personalized advice based on individual circumstances.