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Yes, but exactly how depends on how the asset is held, whcih depends and involves many things, like how the gain on sale will be taxed.
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Can payday loan interest be reported on your income taxes?
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
Can you deduct interest from a signature loan?
"Personal" interest is NOT deductible.
Is interest from a personal loan tax deductible?
Not in Canada.
Is student loan interest deductable in pa?
what is not deductible interrest? a student loan interest investment interest home mortgage interest finance carges on crdit cards incurred for personal expenses
Can you claim your car loan interest at 2008 IRS tax return?
No, personal interest is not deductible...only interest on qualifying home mortgages.
Is the interest deductible when you use a home equity loan to pay off a second mortgage?
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.
Are business loan interest payments tax deductible?
Of course there certain conditions and qualifications...but normally yes.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Is home equity tax-deductible?
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.
Are HELOC loans 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.
Are loan break costs deductible?
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.
Is interest paid on a non-business SBA disaster loan tax deductible?
Normally yes! Provided the home is used as collateral.
