Is a pre-payment penalty tax deductible?

Answer If a borrower's mortgage loan has a pre-payment penalty, the amount charged can be deducted from a borrower's income taxes in the same manner as his monthly mortgage interest is deducted.Source:IRS... Read More »

Top Q&A For: Is a pre-payment penalty tax deductible

Are IRS tax penalty payments deductible?

Congress has determined that funds spent to satisfy IRS tax penalties do not qualify as tax-deductible expenses. Penalties are assessed when payments arrive late, stated deductions are denied or in... Read More »

Is the IRS Trust Fund Recovery Penalty tax-deductible?

The Internal Revenue Service, or IRS, Trust Fund Recovery Penalty Tax is not deductible. The Trust Fund Recovery Penalty is a tax penalty payment and tax penalty payment is not deductible.Reference... Read More »

Is the interest penalty on an early withdrawal from a savings deductible on form 1120-H?

Form 1120-H is the U.S. Income Tax Return for Homeowners Associations. According to the specific instructions for Form 1120-H, the homeowners association may not claim an investment credit. The int... Read More »

Is a down payment on a house tax deductible?

There are a number of items associated with one's home that are tax deductible, however, the down payment used to purchase the home is not. The interest paid on your mortgage, however, is tax deduc... Read More »