Can you deduct interest paid to your parents for a downpayment for a condominium?

Answer Yes IF the loan is really a legal mortgage loan that meets the IRS rules for it to be a mortgage loan.This is possible when you and they meet the enclosed rules. Generally, home mortgage interest ... Read More »

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Can I deduct the interest paid on a car loan?

There are very few types of interest that can be deducted on your taxes. Whether interest on a car loan is deductible will depend on whether it is a personal car loan or you are self-employed and t... Read More »

How to Deduct Interest Paid on a Land Contract?

Experts at, a leading online financial advising site, say the largest loophole in the individual federal tax code is the home mortgage interest deduction. Homeowners in the United Stat... Read More »

Can I Deduct Interest Paid on a Defaulted Student Loan?

Until 2012, the Internal Revenue Service subsidizes some of the cost of most student loans with a deduction on student loan interest. However, just having a student loan does not necessarily qualif... Read More »

What is the maximum rate of interest allowed by law in Ohio on condominium assessments that are paid late?

Usually, unpaid assessments are not interest-bearing or interest-earning amounts, because they are debts. Read your governing documents to verify the late fees being charged. If you believe that t... Read More »