Is interest from mortgages from private lenders tax deductible?

Answer Mortgage interest is tax deductible as an itemized deduction whether you borrow from a public or private lender. The deduction is reported in the "Interest You Paid" section of schedule A.Source:IR... Read More »

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What to do if you have many loans from private money lenders?

you can talk to a bank to see if they will consolidate all your loans into one big one will a lower interest rate. there are also companies that specialize in consolidating loans

Is interest from security deposits in NYC tax deductible?

Interest from security deposits in NYC is not tax deductible for federal income tax. You must report all income from any source on your tax return unless specifically exempted by law. There is no s... Read More »

Is my interest on a mortgage deductible from a tax payment?

If you itemize your deductions, you can claim the interest paid on a mortgage on your primary or secondary residence as a tax deduction. This amount will decrease your taxable income, which will lo... 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 »