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A defeasance penalty, which is a fee paid to release a borrower from a loan obligation, can be deductible under certain circumstances. Typically, if the penalty is considered a necessary cost of obtaining financing or related to the interest expense of the loan, it may be deductible as a business expense. However, the specific deductibility can depend on the nature of the transaction and the taxpayer's situation, so it's advisable to consult a tax professional for personalized guidance.
What else can I help you with?
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
Is a surrender penalty on an annuity tax deductible?
A surrender penalty on an annuity is generally not tax-deductible. Surrender penalties are fees charged by the insurance company when the annuity is cashed out or withdrawn before a specified period. Instead, the penalties are considered a cost of accessing the funds and do not qualify as a deductible expense on your tax return. Always consult with a tax professional for personalized advice.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
Is rent expense deductible with the IRS?
No. Personal expenses are not deductible on your 1040 income tax return.
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
Is a surrender penalty on an annuity tax deductible?
A surrender penalty on an annuity is generally not tax-deductible. Surrender penalties are fees charged by the insurance company when the annuity is cashed out or withdrawn before a specified period. Instead, the penalties are considered a cost of accessing the funds and do not qualify as a deductible expense on your tax return. Always consult with a tax professional for personalized advice.
Can a penalty paid for early withdrawal of funds in an annuity be deducted from Federal Income for tax purposes?
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
What is the cheapest health insurance option available to avoid the tax penalty?
The cheapest health insurance option available to avoid the tax penalty is usually a high-deductible health plan.
How do you defeat the silver balloons in bloons tower defeance 3?
you need a bomb tower to blow them up
Can you claim on income taxes expenses to visit your spouse while in jail?
No. That is a personal expense. Personal expenses are not deductible. And realistically, one should expect no tax benefit extended by society for someone in this situation. (For example, any restitution or penalty he pays is NOT deductible, or dischargeable in bankruptcy, either).
Is a prepayment penalty on a home loan tax deductible?
No the penalty is not deductible on a home loan. Only the interest that is paid. The penalty is considered as a late payment not interest. good luck.The initial answer to this question is incorrect. Prepayment penalties are sometimes deductible if the payment is made out of pocket as opposed to being rolled over into the new loan. It is not ever considered to be a late payment. It is considred interest. Even if the amount is rolled over into a new loan, you may be able to pro rate the deduction over the term of the loan. The bottom line is that depending on your particular circumstances, the prepayment penalty might be deductible.PLEASE consult a tax consultant for the most up to date 2008 tax information. and also PLEASE remember that on the internet, never ever take the advice of one so-called expert. check. check and double check everything.Here is the info directly from the IRS.http://www.irs.gov/publications/p936/ar02.html#d0e770Mortgage prepayment penalty. If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan.
What is the correct spelling of deductible or deductible?
deductible
If a loan has a prepayment penalty attached to it would it still be viable to retire it?
You need to compare the cost of the repayment penalty and the benefits of having the loan (such as deductible interest) vs. the benefits of paying off theloan such as increase cash flow. Do that analysis and determine the best use of your money.
Is it deductible or deductible?
It is "deductible," except in Australia, where it's spelled "deductable."
Which type of deductible requires a new deductible for each separate claim?
Straight Deductible
Do you have to pay the deductible if you hit another car?
If your policy contains a Deductible clause then yes you will have to pay your deductible.
