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Will you get money back when doing your 2012 income taxes from interest you paid on new house?
Wiki User
∙ 10y ago
Interest payments on a home are deductible from income. Read the tax code carefully as some of the closing costs may also be deductable.
Wiki User
∙ 10y ago
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What relation between income and interest?
Income is money coming in; it could be wages or capital gains, or interest on money invested. Interest is a percentage of money owed added to your bill when borrowing money, or the amount that you earn on money invested.
Is borrowed money taxable?
Money that is borrowed is not taxable. If you borrow it and don't pay it back, it can be classified as income and be subject to income tax. If you borrow money and are not being charged interest, the government will consider the cost of interest to be income that is taxed.
Differences between real income and money income?
Money Income :- The income of a person is considered to be money income which is of his own disposal. eg - salary, wages, interest etc. Real Income :- The goods & services which a person buy from the money income is real income.
Do loans count as income for tax purposes?
No, only that money which you earn or interest from investments count as income and it is only income that is taxed, not money that you borrow.
What do you mean by savings income?
I think what they mean is interest income earnt from having money saved in a savings account.
What is the primary source of income?
storing money for other customers in bank accountsCharging interest on money loaned out.
What is the banks primary source of income?
storing money for other customers in bank accountsCharging interest on money loaned out.
Why do bank still charges interest on loan?
Because, charging interest is one of the main sources of income for banks. Since you are borrowing money from the bank, it is the banks right to charge you an interest for lending you that money. Since they are giving you the money for your use, you are bound to pay them an interest for getting money from them.
What is the payment for the use of borrowed money?
Payment made for the use of borrowed money is called interest. Interest expense is shown on an income statement as a non-operating expense.
Unearned income?
Money earned from means other than employment or self-employment, such as interest income, dividend income, capital gains on investment, rental income, etc.
Banks pay their costumers interest on the money in their accounts for what reason?
Banks pay their consumers interest on their money in their accounts because, the same money is what the bank use to lend loans to other customers. As they are going to earn an income through the interest they charge the loan customers, banks give a portion of that interest as interest for the customers who have deposited their money with them.
How much money do you need in the bank to generate an income of 3000.00 a month?
It depends on the interest rate.
