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

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

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

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

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

mystiqueladies asked:


both of their names were on the home equty loan but she didn’t pay a penny of taxes. He got that propert in the divorce. who gets to claim the interest paid on that loan

Katie

a z asked:


Last year, I bought a 2nd home, but my mom took out a Home Equity Loan on her home and used that money to purchase my 2nd home. I paid her monthly Interest payments, so she did not spend a penny of her own money. (the whole loan was just a temporary thing as I was waiting to sell my 1st home, so I paid off her Home Equity Loan after a few months once I sold my 1st home).

Can I deduct the interest on this Home Equity Loan?
The 2nd home is in my name – I bought it, but used my mom’s money from her equity loan. Since the home is mine, and my income paid the interest, I should be able to write it off on my taxes, right? I guess the problem I’m not sure of is if it will cause problems since the loan was not in my name.

James

djchuang asked:


When they say donations and home equity loans are tax deductible, what does this mean? Does a $1000 donation mean $1000 less federal income tax? Does $1000 paid in interest on a home equity loan mean $1000 less federal income tax?

Clyde