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No, personal interest is not deductible...only interest on qualifying home mortgages.
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∙ 15y ago
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How can you claim the educational plan paid up?
You can claim the educational plan that you paid up on your tax return. This can only be claimed for the years the loan was taken or paid. For instance, if a loan was in repayment for the 2012 tax year, you can apply the interest payments towards your tax return.
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
Is a bank loan an asset or liability?
It Depends:If you are the bank, then the loan is an asset because, the loan customer is going to repay you the loan amount with interest and you are going to earn an income from it.If you are the loan customer, then the loan is a liability because you are going to return the money along with interest to the bank that gave you the loan.
Is a bank an asset or liability?
It Depends:If you are the bank, then the loan is an asset because, the loan customer is going to repay you the loan amount with interest and you are going to earn an income from it.If you are the loan customer, then the loan is a liability because you are going to return the money along with interest to the bank that gave you the loan.
You received a loan for 30000 until you get back on your feet do you have to claim it on your tax return?
No, loans are not taxable.
If you quitclaim your house to your son who is paying the mortgage payment even though you are still on the mortgage loan can he claim the interest with the IRS on his tax return?
For information, here is the link to the IRS's Publication 936 regarded Mortgage Interest Deduction rules for 2007. They'll probably be similar in 2008.http://www.irs.gov/pub/irs-pdf/p936.pdf"You must be legally liable for the loan. You cannotdeduct payments you makefor someone else if you are not legally liable to make them."best wishes
How long have you return the education loan after graduation?
Returning an education loan is different for everyone, commonly because how your credit was and how the bank charges interest. Most of my friends had up to 20 years to return there loan. Their interest rate was quite high but most Leander offer at least 15 years to pay it back
Can you write off interest from business loans?
you can claim interest on business loans as a deduction in most cases. Just need to specify what the loan is for and whether there is a direct link between the loan and earning business income.
What is low interest loan?
The loan whose interest rate is low is called low interest loan. If you got a unsecured loan @ low interest rate then it would be low interest loan for you.
How can you reduce interest on high interest loan?
Repay the loan with the funds raised from a lower interest loan.
Can you claim interest paid on home equity loan?
Generally, but there are limitations and qualifications. See the related article for more details.
What if you get a car loan and not buy the car?
You will still owe the money back with agreed upon interest. There may be some legal issues if you used the car for collateral and you do not own the car. return the money with the interest. the longer you save the loan, the more interest you have to pay!
