All Questions
8
questions
1
vote
1
answer
324
views
Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?
I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
- 145
4
votes
2
answers
77
views
Criteria for commercial loan so that interest is deductible?
A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
1
vote
1
answer
76
views
Making a personal loan to my business from the proceeds of cashing out my 401k
I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...
- 11
2
votes
1
answer
274
views
tax deduction for 30k loan
I recently sold my condo. I sold it for less than I owed but took out a 30k loan to pay off the difference (traditional sale, NOT a short sale).
Are there any tax breaks or deductions I can take ...
- 123
0
votes
1
answer
287
views
Personal loans and their tax consequences?
In the year of 2014, I had some personal loans from friends, family members, ranging from $1000 to $10,000 for each loan.
As a result, my business net was negative because I used the loans to expense ...
0
votes
1
answer
3k
views
Are 401K loan repayments considered tax deductible?
I took out a 401k loan 1.5 years back for a home down payment. The loan had a 36 month term, and I was making payments thro' payroll deductions from my employer. I recently quit that job, and I am ...
- 1
5
votes
1
answer
520
views
Is the interest on a non-bank loan for a house still considered tax deductible?
I'm trying to buy a house that's listed as not inhabitable in its current state. I want to buy it so I can repair it and live in it.
I have all the financials I need, and I have excellent credit, but ...
- 175
10
votes
1
answer
3k
views
Are student loans tax deductible in US?
If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes?
Is there any education related tax credit that can be applied for payments ...
- 1,663