A. Since the passage of the Tax Cuts and Jobs Act (TCJA), there has been confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity debt. In response, the IRS issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second […]
Learn where you can deduct various types of interest in order to receive the maximum tax benefit, including student loan interest, mortgage interest, rents & royalties, etc.
Home Office – Sale Of Residence Q. We bought our house for $378,000 five years ago. I installed an office in the basement for my business at a cost of about $25,000. I claimed home office deductions the last four years. Now we’re selling the house for $391,000. Since I’m selling at a $12,000 loss, […]
Applying For A Mortgage and IRS Form 4506 BEWARE BEFORE YOU SIGN IRS FORM 4506 !!!! Home loan borrowers across the country should be on the lookout for misuse of a key federal income tax form that many lenders are now routinely asking mortgage applicants to sign before settlement. The document, IRS FORM 4506, […]