NO
Well it depends on what kind of mortgage.
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
NO
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Well it depends on what kind of mortgage.
yes on your income tax
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
Mortgage Tax Savings Calculator Interest paid on a mortgage is tax deductible if you itemize on your tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.
No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
Currently, endowments are tax-exempt funds. Today, there are proposals being submitted by several politicians to restructure tax guidelines so that major institutional endowments (such as those held by major university) can be taxed.
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
lots of info on my site on this one, but in short the money you get from the reverse mortgage is not subject to income tax because it is borrowed money, not earned money. this is similar to a home equity line of credit taken out against a home, no income tax is paid on the loan. On the flip side, the interest you pay on a mortgage is tax deductible in the year you pay the interest, not necessarily in the year it accrues. Because a reverse mortgage does not require mortgage payments, you typically will not have a mortgage interest deduction on your income taxes. However, if you need a deduction on a particular year you can pay interest payments whenever you want, thus receiving a 1098 interest statement making that money tax deductible.