Normally yes! Provided the home is used as collateral.
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
"Personal" interest is NOT deductible.
Not in Canada.
what is not deductible interrest? a student loan interest investment interest home mortgage interest finance carges on crdit cards incurred for personal expenses
No, personal interest is not deductible...only interest on qualifying home mortgages.
The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.
Of course there certain conditions and qualifications...but normally yes.
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
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.
If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.
Generally, no, not for individuals. The costs to break a loan contract are not typically deductible for an individual, but MAY be deductible for a company or a trust holding the loan.
No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductible. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.