Can interest on Home Equity loan be deducted from federal taxes

1 Answer

Answer :

The interest on most home equity loans is tax deductible. There are limitations to interest deductions for home equity loans depending on what the loan is used for. For more information about home equity loan tax deductions, see IRS Publication 936, Home Mortgage Interest Deduction .

Related questions

Description : What is the average interest rate on a Home Equity Loan in Texas?

Last Answer : The average interest rate on a Home Equity Loan in Texas is about 8 to 10%. You can read more at www.window.state.tx.us/specialrpt/homeeqty03/ There are several different types of loans and circumastances,so a tru average is not possible. You can find rates as low as 5% and as high as 19%

Description : During the summer, if I work 20 hours a week, with 6.50 an hour, for 2 months, how much Money would I earn with the taxes deducted?

Last Answer : it depends on where you live and how your taxes are setup like how many dependents or if you’re exempt or not. If you’re a full time student you can be exempt from taxes. But why would you work for 6.50 an hour? That’s like nothing. I think minimum wage is 7.25 here in MA

Description : What do you think the chances are The President and Congress get rid of mortgage interest and property taxes being a deduction on federal income taxes?

Last Answer : From what I hear, it is Republicans who are talking about closing “loopholes” and capping deductions more than Democrats. But whether it, or anything will happen, I don’t know. And I doubt it could effect this year’s taxes anyway.

Description : Why do we allow the Federal Reserve loan money to commercial banks at almost 0% interest, who then loan the tax payers this money at a much higher interest rate?

Last Answer : If you want to learn more about the Federal Reserve system and how it works, start with Wikipedia and then, for fun, consider asking targeted questions of the conspiracy theorists here on Fluther. ... takes something of yours. Interest happens when you choose to pay for the opportunity to borrow.

Description : If the federal reserve buys a treasury bond from a bank what will be the effect on interest rate the bank charges its customers for a loan?

Last Answer : The interest rates will decrease since there are more available funds for the bank to loan.

Description : Which of the following is deducted from GNP to arrive at NNP? (1) Depreciation (2) Interest (3) Tax (4) Subsidy

Last Answer : (1) Depreciation Explanation: If we subtract the depreciation charges from the gross national product, we get net national product at market price. Net national product at market price=Gross national product at market priceDepreciation.

Description : No TDS will be deducted if the amount of interest paid in a financial year does not exceed Rs____ a) 3500/- b) 5000/- c) 1000/- d) 10000/

Last Answer : d) 10000/

Description : Which of the following is deducted from GNP to arrive at NNP ? (1) Depreciation (2) Interest (3) Tax (4) Subsidy

Last Answer : Depreciation

Description : How does a home equity loan work?

Last Answer : answer:Is a secured loan where you borrow against the equity in your house. This is calculated by taking the appraised market value of your home minus what you owe on the house. Say you paid $200k for your house ... at $225k. $225 - $150 = $75k in equity that you can borrow in a HEL Good Luck ! R

Description : Auto Loan vs. Home Equity Loan?

Last Answer : Auto Loan vs. Home Equity LoanHome equity loans often have lower interest rates than autoloans and the interest may be tax deductible. Two good reasons totake a look at home equity loans to finance your automobilepurchase.

Description : Can I get a home equity loan from a Texas bank if I live in another state?

Last Answer : You should be able to get a home equity loan if you live in another state. The most important factor is your credit rating.

Description : What are current rates on an equity loan?

Last Answer : Most equity loans are loaning money at least at 5%. Interest rates do vary from loan to loan based on the credit worthiness of the loan.

Description : Can I use my car's title as collateral for a car equity loan?

Last Answer : When it comes to using collateral for a car equity loan using your car title is an option through certain loan providers it just depends on their qualifications and the value of your car.

Description : The return on investment (ROI) may be calculated as A. Net profit before interest, tax and dividend / Capital employed B. Net profit after interest, tax and dividend / Shareholder's fund C. ( Net profit - preference dividend )/ No. of equity shares D. Return on Investment / Net profit ratio

Last Answer : A. Net profit before interest, tax and dividend / Capital employed

Description : A purchase manager of a company has to purchase 500 tones of raw material. Apart from the other suppliers in the market, his son also supplies that raw material. The manager purchases the ... Unity of Command b. Unity of Directions c. Subordination personal interest to general interest d. Equity

Last Answer : c. Subordination personal interest to general interest

Description : Having less than 50 percent of equity share in an international venture is calleda) Minority interest b) Joint venture c) Majority interest d) Exporting

Last Answer : a) Minority interest

Description : Would today be a good time to lock into an interest rate on my home mortgage? I am getting out of an interest only, variable loan and need to know if now is the time to pull the trigger?

Last Answer : From what I understand, Feds cutting interest rates dosen’t do much for mortgage rates. I was going to refinance but it just wasn’t worth it.

Description : Do you pay state income taxes or do they refund you like federal income taxes do?

Last Answer : The last 4 years, I have had to pay the Feds, and got less money back from the State.

Description : What online personal income tax software for both federal and state taxes can you recommend?

Last Answer : I recommend online personal income tax software for both federal and state taxes, as well as software to help you file an extension if you need it.cutt.ly/JjWSDSE

Description : What are taxes that you pay to the federal government?

Last Answer : Feel Free to Answer

Description : I had to pay money to state and federal last year. Can that money be claimed on this years taxes?

Last Answer : how much is $60 add tax You can deduct the 2009 State Taxes you paid in 2010 on Schedule A (if you itemize). Federal tax payments are not deductible according to the IRS Website

Description : already filed federal where can i file state taxes only for free online”?

Last Answer : already filed federal where can i file state taxes only for free online””

Description : I have Form 1099R in my posession, which Form do I need to file my information in order to receive my federal income taxes withheld?

Last Answer : I have Form 1099R in my posession, which form o I need to file my information in order to receive my federal income taxes with held?

Description : Where should I look to estimate my federal taxes?

Last Answer : I, myself use Turbo tax. Turbo tax will estimate and fill your taxes, or you may want to go to your local tax advisor.There are free tax services to help you.

Description : Can I file my federal taxes for free?

Last Answer : Yes, you can file your federal taxes for free. Here's a link to a website that will guide you through how to file your taxes for free. http://www.irs.gov/efile/article/0,,id=118986,00.html

Description : How much do I have to earn before I start paying federal income taxes?

Last Answer : If self-employment is your only income for the year, the filing threshold is $400 for the entire year. This figure is the total amount that you earned before your have deducted your business expenses. You will need to fill out Schedule C or C-EZ to document self-employment income and expenses.

Description : Can you pay your federal taxes online?

Last Answer : Yes, you can pay your federal taxes online using a credit card, if you have one. You will need to go to the website stated on your return and then follow the instructions given.

Description : What are deductions allowed when calculating federal income taxes?

Last Answer : The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.

Description : What happens if you don't pay your federal income taxes?

Last Answer : If you don't pay federal income taxes, eventually you will eventually be investigated by the IRS. From there you will either have the money taken from you, your wages garnished or you may go to prison depending on the severity of the crime.

Description : Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

Description : 4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

Description : Can a loan company take your taxes?

Last Answer : Yes - and no... Any money you owe to the taxman takes priority over any other creditor. However - if you're talking about a tax refund - yes they can !

Description : Can you get a Federal Student Loan if you are working on a degree that is post MA?

Last Answer : Oh, and for the interest of anyone who intends to move past their masters, there are loans…

Description : What is a federal student loan?

Last Answer : The student loan is designed to help students pay for university, books, living, etc. There are many different types of loans, which depends on how much money does the student need.

Description : Federal Stafford Loan?

Last Answer : The Stafford Loan program is administered and overseen by the federal government. These loans are made available to both undergraduate and graduate college students who are enrolled or are planning to be enrolled ... a student deferrals on repayment if he or she returns to school at a later date.

Description : Can someone help me apply for a federal loan?

Last Answer : Federal loans are available to students who are enrolled part-time or full-time in approved college or university programs. Many of these loans require that students fill out the FAFSA ... on the specifics of each student. Financial aid counselors can provide additional information upon request.

Description : Relief for Federal Student Loan Payment?

Last Answer : If you have fallen behind on student loan payments due to unemployment or health expenses, relief is available. Federal student loan payment assistance programs include consolidation of multiple loans into one ... as an emergency measure. These programs only apply to loans that are in good standing.

Description : Under Obamacare how much money of my paycheck will be deducted?

Last Answer : From what I have read you don’t make enough to be effected.

Description : Should smokers' breaks be deducted from their lunch hours?

Last Answer : Seems fair to me. You can take time to smoke, but you don’t get more total time “off” than a non-smoker. Otherwise, the non-smoker is essentially subsidizing the smoker (which they also do with respect to health insurance).

Description : What are you talking about ? Brother, did you return my points ? I did not know that if you mark yourself, the points are deducted. My 100 points have been deducted. Please return it. I will not do that again. I want to come back to Ans Bangla again.

Last Answer : answer:

Description : Why is this happening to me ? I carefully answered each question separately from the previous answer. Even then why my 50-60 points were deducted ? It would be nice if someone could explain the reasons for cutting points.

Last Answer : answer:

Description : What are the points deducted when asking questions in Ans Bangla ?

Last Answer : : Yes , each question is deducted by two points.

Description : (i) Amount of discount deducted from the invoice price.

Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... on which a double-entry bookkeeping system is based.

Description : As per Schedule VI of the Companies’ Act, 1956, Forfeited Share Account will be– (A) Added to paid up capital (B) Deducted from called up capital (C) Added to capital reserve (D) Shown as a revenue reserve

Last Answer : Answer: Deducted from called up capital

Description : In the case of an inland MO, in which it is learnt that the payee has left India and his revised address, is known to the PO a) The MO cannot be redirected but is should be returned to the ... the redirected MO to a foreign country should be deducted in the original value of MO d) None of these

Last Answer : c) The Mo can be redirected, but he difference in the commission of the redirected MO to a foreign country should be deducted in the original value of MO

Description : If piston displacement is deducted from the total volume of cylinder the remaining volume is known as 1. piston displacement 2. Clearance volume 3. displacement volume 4.compression ratio

Last Answer : ans 2

Description : Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his ... account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Last Answer : d)11 1/9% loss 

Description : aAfter gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.

Last Answer : b. operating income.

Description : Sale of products from test run before production run is a) Deducted from actual cost b) Added to actual cost of assets c) Charged as pre-profits d) Charged as preliminary expenses

Last Answer : a) Deducted from actual cost

Description : Capital receipts under head “PGBP” shall be ………… a) Added to income b) Deducted from income c) Shall not take in to account d) Shown as separate line item

Last Answer : ICDS-3 is applicable for-