United States « equity loan payments

September 8, 2010

divorced in 2005 and husband paid all taxes on a home equity loan and he owns the property who claims int paid

Filed under: United States — Tags: Divorce, Home Equity Loan, Names, Pay Taxes — @ 9:48 am

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

Comments (3)

September 7, 2010

Tax write-off for Home Equity Loan?

Filed under: United States — Tags: Home Equity Loan, Interest Payments, Mom, Money Loan, Taxes, Temporary Thing — @ 2:37 pm

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

Comments (5)

January 12, 2010

How tax deductible are charitable donations and home equity loans?

Filed under: United States — Tags: Charitable Donations, Federal Income Tax, Federal Tax, Home Equity Loan, Home Equity Loans — @ 6:58 pm

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