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Convert Credit Card and Automobile Interest to Deductable Interest Through a Home Equity Loan
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You can convert non-deductible interest expense such as interest on credit cards and automobile loans into deductible home mortgage interest. Then you can deduct this interest from a home equity loan or line of credit on Schedule A of your Form 1040. The interest on your home equity loan is deductible no matter how you used the loan money. One item to note is that if your home equity loan is over $100,000, the
deductible...
Related topics : interest home equity loan tax deductible / equity loans
Interest Expenses are Reported on Schedule A
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Any interest expense for your home mortgage, home equity loan, investment loans (or margin interest), and student loans may be deductible on Schedule A. Any other personal interest such as interest on your credit cards is not deductible. However, any interest expense related to your business is fully deductible.
Related topics : interest home equity loan deductible / interest student loan deduction
Points or Loan Origination Fees
Points (or in other words, loan origination fees) paid to acquire or improve your principal residence are fully deductible in the year paid. However, points paid to refinance your mortgage for a better interest rate, or to obtain a home equity loan, or acquire a second residence are deductible over the life of the loan.
Related topics : interest rate home equity loan / home equity loan refinance rates
Deduct the Interest Expense for Home Equity Loans
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You can deduct the interest expense for home equity loans and lines of credit secured by your home. The interest expense is deductible for your loan, up to a set limit, no matter how you use the money.
Related topics : interest home equity loan deductible / secured loan credit
Student Loan Interest
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The interest you paid on your student loan is fully deductible, if your adjusted gross income is below a certain amount, and depending on whether you are single or married. Also, depending if you are single or married, and your adjusted gross income is between a certain higher amount, you will only get a partial deduction for student loan interest. However, there is a set maximum amount of interest that can be deducted.
Related topics : interest student loan deduction / get student loans paid for
Mortgage Interest
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Interest is deductible on a loan or loans used to acquire, construct or improve your principal residence and a second residence, subject to a maximum amount set by the IRS. The tax deduction on your mortgage interest is taken on Schedule A. Your primary home or second home can be a house, condo, RV, boat, or camper as long as it has cooking, toilet, and sleeping facilities.
Related topics : loan mortgage interest
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