equity loan payments – home

February 25, 2011

As a sole proprietor can I right off my student loan payments?

Filed under: United States — Tags: , , , , , , , , , — @ 8:02 am
los123 asked:


I’m a sole proprietor and took out a large student loan about 7 years ago. I continue to make monthly payments. Can I write this off my taxes as a business expense?
The reason I ask is because I know that there are many educational expenses that as a business owner I can write off, such as business seminars, business education courses and any books or materials that furthur my business education. I don’t see how my college education would be any different.

Gilbert

January 29, 2011

Do we have to pay taxes on large loan payments?

Filed under: United States — Tags: , , — @ 7:57 pm
Jazzcrooner asked:


Somewhere, I remember coming across a detail that mentioned something about needing to pay taxes if you’re making loan payments over $600. Is this true? If so, would this impact a tax return?

Cathy

December 12, 2010

Can you deduct interest from student loan payments on your tax return?

Filed under: United States — Tags: , , , , , — @ 3:47 pm
BTown asked:


I understand that it is possible to make a deduction from your taxable income from interest paid on qualifying student loans.

I believe I qualify for this, as I have been paying on my student loans for some time now. However, how do I go about showing this? I don’t recall getting any particular form from my student loan lender. I have statements, but I believe they just show the payments that I’ve made, and not how much has gone towards principal and interest, etc.

Can I request a form, or is there another way to go about doing this?

Harry

November 26, 2010

Are loan payments by an LLC considered a business expense?

Filed under: United States — Tags: , , , , , , , — @ 3:50 am
mainlandd asked:


My son is considering forming an LLC to purchase a percentage of the company he currently works for. He will own a portion of the company and receive profits commensuate with his ownership. The make this purchase possible, I am considering making a large loan to his LLC. If the LLC elects to be taxed as a corporation, are the payments of interest and principal of the loan expensed against the ‘profits’ he will receive from his partial ownership. Can remaining profit or a portion of the profit be retained by the LLC and taxed at a lower corporate rate? We’re trying to structure this purchase in a way to minimize income tax due while the capitalization loan is being paid off. Any help will be greatly appreciated.

Gregory

September 16, 2010

home equity loan tax savings question?

Filed under: United States — Tags: , , , , — @ 10:25 pm
jason asked:


If I were to get a house and have cash to pay it all, does it save more to just pay at purchase or do home equity loan? coz I feel like even there is some tax savings I still have to pay more than the cost of the house.

loan+interst-tax savings > the price of the house

so if there is money then I should pay all in the begging to save.

Ramon

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