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You have a credit line and you are told that if you pay off the line over years it is not deductible If you pay it off in the year you use it it is deductible Is this right?
Wiki User
∙ 10y ago
You cannot take any credit card debt or interest as a deductible on your taxes. Credit card debt is considered personal debt and does not qualify for tax breaks.
Wiki User
∙ 10y ago
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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.
Is the interest on a home equity line of credit tax deductible?
The beauty of a Home Equity Loan or Line of Credit is that interest paid is usually tax deductible* AND you can use the money for any purpose YOU choose - home improvements, consolidate debts, college education, vehicle purchase, or vacations.
What is one tip I should know before applying for a home equity line of credit?
Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.
Is the interest on a home equity line of credit for a co-op apartment tax deductible?
It truly depends on the way the co-op incorporated. You need an accountant to be sure.
Do recorded mortgages need an amount?
No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.
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.
Is the interest on a home equity line of credit tax deductible?
The beauty of a Home Equity Loan or Line of Credit is that interest paid is usually tax deductible* AND you can use the money for any purpose YOU choose - home improvements, consolidate debts, college education, vehicle purchase, or vacations.
What is one tip I should know before applying for a home equity line of credit?
Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.
Is the interest on a home equity line of credit for a co-op apartment tax deductible?
It truly depends on the way the co-op incorporated. You need an accountant to be sure.
Can penalties for early IRA withdrawal be used as a tax deductible item?
No. The additional 10 percent tax on early withdrawal isn't deductible. Early withdrawal of savings is deductible on line 30 of Form 1040. Contributions to an IRA may be deductible on line 31 of Form 1040 (line 17 of Form 1040A).To print a copy of Tax Topic 557 (Tax on Early Distributions from Traditional and Roth IRAs), go to www.irs.gov. Type Tax Topic 557 in the Search Box in the upper right corner.
Is there a deduction for tax-deferred retirement plan on Form 1040?
This response is for tax year ending 2009 only: Yes there is. It usually is placed in on the standard 1040 in line #32. "IRA deduction" be sure to read page 31 of the instructions if you are taking this deduction because not everything is always deductible. If you have exceeded the maximum contribution, that amount would not be deductible. In addition, ROTH IRA contributions are not tax deductible either. There is also a credit if your income falls below a certain threshold and you have contributed to an IRA account. It is found on the standard 1040 line 50 and requires that form 8880 be filed along with the line on 1040 to receive the credit. The income limits for the credit are $27,750 - Single, 41,625 - Head of Household and 55,500 - Married filing jointly.
Are the fees for life line screening tax deductible?
Yes.
Do recorded mortgages need an amount?
No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.No. Some are in the form of a credit line or commercial credit line and no amount is recited in the instrument.
Which is right in the line in his formating years or in his formatting years?
Neither. It would be "formative years."
How do you get business lines of credit?
You can get a business line of credit by going to the bank and applying for a line of credit. You can also get a line of credit by going to a finance company.
What is credit for cards?
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection varies from state to state. It is somewhere between two years and as long as 8 years. That would be from the last use or payment.
What does it mean for an individual to have a personal line of credit?
Every individual has a line of credit. This line of credit is what determines your credit score and what will be used to approve or deny you credit cards or loans.
