Tax FAQ
 

Is The Interest On My Co-op Mortgage Tax Deductible?

Question by janecat_2 | Posted in United States

Is the interest on the mortgage i take out to advantage my Co-op tax deductible? As well as a portion of my maintenence fees that pay the buildings underlying mortgage tax deductible? Can i get 2 tax deductions here?

Answer: You can withdraw the interest on your mortgage, and on the co-op as well. I've attached a link on this issue.
 
 

American Living In Switzerland: Is Interest On A Mortgage Tax Deductible?

Question by Eric Hoffman | Posted in Other - Taxes

Greetings! I'm a US ratepayer living in Switzerland, I've lived here for almost 6 years. I own a house in the US, and am renting it out. I have to pay a monthly interest in wing as well as to the mortgage. Now my question is: Is the interest tax deductible or not, since it is an expense? Thanks!

Answer: Mortgage interest is an expense on Book E of your tax return.

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Is NYS State Transfer Tax And NYS Mortgage Tax Deductible On My Tax Return?

Question by sandman5512 | Posted in United States

Basically bought and sold my the qualified in that I live in this year. I had to pay a NYS transfer tax( on the sale I believe) and to pay a NYS Mortgage TAx(on the purchase). I am using Turbo tax and i am unsure if these amounts are to be entered anywhere if at all? Thanks in progress....

Answer: Transmittal tax, deed stamps and other incidental charges are not deductible. Instead, they are expenses of the sale. If you paid them as the seller, they would reset your gain (or increase your loss). If you paid them as the buyer, they increase the point of departure cost of your home.

See page 29, IRS Publication 523
http://www.irs.gov/pub/irs-pdf/p523.pdf< br />
Notwithstanding NY State mortgage tax, I was not able to find a definite answer. It does not seem

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How Is Interest On A Mortgage Tax Deductible?

Question by Sherry B | Posted in United States

We are in California and are about to buy our first home base. The home we are buying is $260,000 and our loan is for $240,000. The interest rate is 6.125%. With an receipts of $100,000 and for deductions it's the two of us plus 4 kids.
What kind of tax refund would we be looking at? I have a twosome of friends who regularly get $20,000 tax refunds. Is that common? Does it seem that we would be able go exempt throughout the year on our paychecks?
Thanks!

Answer: Interest is an itemized subtraction. You can take either a standard deduction ($10,700 for a joint return in 2007) or the total of your itemized deductions, whichever is more. Your tax advance from itemizing is the amount your itemized deductions are higher than the standard, times your tax bracket. Your interest for the first full year you own the dwelling will be around $14,700. If your TOTAL itemized deductions is $23,000 and you are in a 15% tax bracket, your tax savings from itemizing would

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If I Purchase A House With A Friend And It Is Both Our Second Homes Is Any Of The Mortgage Tax Deductible?

Question by Traveler | Posted in United States

I will be living in the patronize house when I am working at my job and go to my original home for my days off.

If it is not tax deductible, is there any tax breaks for being forced to move away from my retreat because the economy is much worse there than the average (according to media and government reports).

Answer: Taxpayers are allowed to subtract mortgage interest on up to two homes used as residences at the same time. If you purchase a second home with another themselves, then you can deduct the mortgage interest you actually paid. Usually this would mean you each deduct half.

Natural estate taxes are deductible on all real estate you own. If you own real estate with another person, separate the taxes according to the percentage of ownership. You can only deduct taxes you paid on your

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Reverse Mortgage Tax-Deductible? – Realestate Information Blog ...

by admin

  Already very in demand, as the info on the rear accommodation mortgage becomes widespread, and homeowners reach retirement age in open-handed numbers, this may become the most famous retirement community mortgage conduit of all.   The catastrophe profoundly mortgage solves a important pecuniary puzzler for Seniors, how access the fairness-savings they have built up on their homes without having to peddle. One of the newest and more innovative fiscal tools for the Elder Voter, today, is the reverse poorhouse mortgage. The advance must be repaid when the last surviving borrower dies, sells the domicile, or no longer lives in the home base as a cash reserves habitation. A reversed mortgage is designed specifically for homeowners who are age 62 and older. Backward mortgage credit advances are not taxable, and mostly don’t assume your Group Protection or Medicare benefits. Untypical a legal mortgage, the homeowner makes no payments and all interest is added to the lien on the possessions. Let me get across what is verso mortgage....

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