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.
ya
NO
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
are the costs for home repairs caused by hurricane sandy income tax deductible
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
ya
NO
yes
Not in Canada.
No, they are not.
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.
no you have to claim it as income
are the costs for home repairs caused by hurricane sandy income tax deductible
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
funeral expenses are not deductible on an individuals tax return as they are not medical expenses. However, if and individual has an estate, then the costs are deductible on their estate tax return (form 1041).
A $500.00 deductible basic collision insurance policy means that in the event of an accident where you are at fault, you will pay the first $500 of the repair costs for your vehicle. The insurance company will cover the remaining costs beyond that deductible, up to the policy limits. This type of coverage helps protect you from financial loss due to vehicle damage, but you will need to pay the deductible amount before receiving any payout. Choosing a higher deductible typically results in lower premium costs, while a lower deductible increases premiums.