No, personal interest is never deductible, regardless of who it is paid to.
Yes.
We are holding a promissary note, on a sale of a rental. Will the people owing the money to us be able to claim the interest on their taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
A penalty and interest will be charged.
Yes, (and individuals). For Corps it is the amount paid (not accrued).
Yes.
We are holding a promissary note, on a sale of a rental. Will the people owing the money to us be able to claim the interest on their taxes?
means still the amount should be paid
no
AnswerThere are no taxes on the principal of any loan, student or otherwise.In fact, there are no taxes on the payor of interest on a loan, student or otherwise. (The receipient of interest has taxable income of the amount earned).The interest paid on a loan secured by ones residence, are generally, deductible (the opposite of paying taxes)..
Personal interest is not tax deductible
You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.
Interest payments on a home are deductible from income. Read the tax code carefully as some of the closing costs may also be deductable.
You can choose between a deductible and a non-deductible traditional IRA plan. The deductible one allows you to get a refund on the taxes that you paid previously. With the non-deductible one you fund it with the money you get after paying taxes.
No, typically property taxes, real or personal, and taxes paid to states/localities are deductible as a Schedule A Itemized Deduction.
I'm not sure entering is the right term...ut interest on taxes would ONLY be deductible by the party that paid it AND only if that party was buying the real estate as a business investment/capital asset, not for personal use.
Certain mortgage interest paid on a primary residence, meeting some other qualifications, is deductible against ordinary income - as an itemized deduction, if that is what you mean.