If you are a small business owner, an independent contractor, or someone who maintains an office at home for the convenience of your employer, you may qualify for a tax break by using the home-office deduction.. The home-office deduction allows you to deduct a portion of the cost to run and maintain your home as a business expense.
Planning on a home-equity loan to consolidate credit-card debt or cover your kid’s college tuition? Think it through again. The president’s advisory panel is expected to propose taking away the.
· TCJA changes affecting vacation-home owners. New limit on property-tax deductions: Before the TCJA, you could claim itemized deductions for.
6 ways the IRS helps pay for education via tax-favored savings plans, other tax breaks How to cut your taxes using above-the-line deductions right on your Form 1040 or 1040a Bait-and-switch.
In its attempt to simplify tax forms, the Trump tax plan created an unintended consequence that could cost millions of.
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The standard rule is that a couple can deduct the interest paid on up to $100,000 in home equity loan debt and a single filer can deduct the interest on up to $50,000. So if a couple has a $100,000 home equity loan and paid $7,000 in interest on it over the course of the year, they can take a $7,000 deduction on their joint tax return.
Loss of equity in your home is a nightmare scenario for most homeowners. Since your home is usually the single most valuable asset you own and represents a good portion of your personal wealth, even a small percentage decrease in its value can wipe out a good chunk of wealth.
Home equity tax deduction loss complicates a popular way to pay for college Homeowners are still trying to wrap their heads – and tax plans – around the many Tax Cuts and Jobs Act (TCJA) changes to the Internal Revenue Code that are related to personal real estate. The home equity loan tax deduction is different for tax years 2018 and beyond.
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Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.