Nothing that is included in the above information would make the interest payments on the family loan deductible on your 1040 income tax return.
To be deductible on your 1040 federal income tax return it would have to be a legal qualifying mortgage.
Or legal collectible loan for a business or investment purposes, etc.
Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender.
*The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.)
For more information go to the IRS gov web site and use the search box for publication 936
Yes, you can deduct student loan interest on your taxes in 2018, up to a certain limit.
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.
Yes, you can deduct student loan interest for the year 2018 if you meet certain criteria, such as having a modified adjusted gross income below a certain limit and using the loan for qualified education expenses.
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
The tax benefits associated with home loan interest include the ability to deduct the interest paid on your mortgage from your taxable income, potentially reducing the amount of taxes you owe. This deduction can result in lower overall tax liability for homeowners.
Yes, you can deduct student loan interest on your taxes in 2018, up to a certain limit.
"Personal" interest is NOT deductible.
no
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
It simply depends on your own personal tax situation.
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.
Yes, you can deduct student loan interest for the year 2018 if you meet certain criteria, such as having a modified adjusted gross income below a certain limit and using the loan for qualified education expenses.
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
http://www.ird.gov.hk/eng/faq/ctr.htm#item5 I doubt it.
The tax benefits associated with home loan interest include the ability to deduct the interest paid on your mortgage from your taxable income, potentially reducing the amount of taxes you owe. This deduction can result in lower overall tax liability for homeowners.
One of the conditions for deducting mortgage loan interest is that the loan must be secure by a properly recorded lien on the property. If the person or company giving you the loan is not getting a lien on your property, you cannot deduct the interest. There are also several other conditions. Take out a home equity line of credit instead.
No, car loan interest cannot be claimed when filing personal income taxes. One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that the car was used for business and that they were not reimbursed for such usage.