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What else can I help you with?
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 a personal loan used for business expenses tax deductible?
No, a personal loan used for business expenses is generally not tax deductible. Business expenses should be funded through business loans or other business financing methods to be eligible for tax deductions.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
If you take out a home equity loan and pay mortgage recording tax is it deductible per IT-256?
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.
Is the repayment of debt outstasnding tax deductible?
No. Just like the receiving of the loan was not taxable.
Is a parent plus loan tax deductible?
yes
Is interest from a personal loan tax deductible?
Not in Canada.
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.
Are fees paid for a loan modification tax deductible?
no you have to claim it as income
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Is a personal loan used for business expenses tax deductible?
No, a personal loan used for business expenses is generally not tax deductible. Business expenses should be funded through business loans or other business financing methods to be eligible for tax deductions.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
If you take out a home equity loan and pay mortgage recording tax is it deductible per IT-256?
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.
Is the repayment of debt outstasnding tax deductible?
No. Just like the receiving of the loan was not taxable.
Is interest paid on a life insurance loan tax deductible?
Interest paid on a life insurance loan is generally not tax-deductible. The loan is secured by the cash value of the policy, and while the loan itself is not taxable, the interest payments do not qualify for tax deductions like mortgage interest or certain business loans do. However, it’s always advisable to consult a tax professional for personalized advice based on individual circumstances.
Is it possible to write off a loan to a business on your taxes?
Yes, it is possible to write off a loan to a business on your taxes under certain circumstances. Interest payments on business loans are typically tax-deductible, but the principal amount of the loan is not deductible. It is important to consult with a tax professional or accountant to ensure proper documentation and compliance with tax laws.
Are business loan interest payments tax deductible?
Of course there certain conditions and qualifications...but normally yes.
