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Recent Line of Credit questions

If someone uses a line of credit tied to their investments

If someone uses a line of credit tied to their investments to pay off a home mortgage is the interest on the credit line tax deductible?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
My father died recently and he did not have a will.He was

HI my father died recently and he did not have a will.He was divorced from my mother and was with someone and her special needs son for about 30 years never married. He was sick for the last 2 years.I just found out she and her son were using his credit card ( while he was still alive) I was told i would have to file to become administrator so I can take care of bills,property taxes and see assets close accounts.I paid to have his income tax done. Will I be responsible for the balance on credit card.I paid 15000 for his funeral and have to pay water sewer and taxes on his house until i can find out what is left and what debts he has

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I was recently asked the following:My Line of

Hello,I was recently asked the following:My Line of credit interest rate = 2.9%Which insurance premium payment method will cost the least:1st option20 days from now $46,152.3760 days from now $34,614.28120 days from now $34,614.282nd optiondown payment of $17,307.0010 equal instalments of $10,082.76Finance charges of $2,753.68Thanks,Rory

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Shawn P Adamo

CEO

Bachelor's Degree

4,726 satisfied customers
I have a roof issue, and I could just get it repaired.

I have a roof issue, and I could just get it repaired. However I should get a new roof since I plan to sell the house. What are my finance options if I decide to get a new roof.

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TaxRobin

Vocational, Technical or Trade School

20,924 satisfied customers
How much money should I set aside on a disability pension

How much money should I set aside for taxes on a disability pension Amount is 100,000? Is it taxable?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I'm interested in insurance I heard about on a radio

I'm interested in insurance I heard about on a radio talk show that you pay into at whatever level I'd like to ensure I've a certain level of retirement income in the case that I live longer than I expect to. I've read that Drs predict someone who is 40 now should plan to live to be 100 because of advances in medical care. The insurance would allow me to not live below my means in order to protect against living longer than expected since I'd like to live well and die broke. Does this exist and who offers it? Also does an annuity not accomplish the same thing?

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PDtax

Owner

Master's Degree

6,858 satisfied customers
If I want a $2 million dollar mortgage, what would I likely

Hi if I want a $2 million dollar mortgage, what would I likely need to have as income ($amt) to be approved for one?Same question, but for a line of credit in a stock investment account.I imagine there's a rough equation used by lenders that would incorporate the two. If so what would it be? I am not working but have a net worth of about 8mm and am trying to decide how best to apply for a loan. I could create income by buying dividend stocks for a mortgage or loan or use a line of credit on a stock portfolio which may not produce enough for a mortgage but would support a line of credit. I just need to pick a strategy to use the banks money instead of mine.Thanks

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PDtax

Owner

Master's Degree

6,858 satisfied customers
Please) Thank you thoughtful response PDtax. response I will

for PDtax only please)Thank you for your thoughtful response PDtax. For another response I will gladly tip again.To answer your question asked on 10/9, I changed from my Sole Proprietorship (SP1) to an S-corp to get relief from some self employment taxes and to add consulting to my offering, per a business consultant's advice. The business themes of SP1 and the S-corp are similar; construction/handyman and construction/consulting respectively. I plan to keep SP1 only to pay my minor children from SP1 and invoice the S-corp for their labor expended in support of the S-corp.I have another Sole Prop (SP2) that has the flexible line of credit that I hoped to have the S-corp make the payments on. That SP2 flex credit line was used as float during lean times and for taxes, etc.. SP2 has the same construction/handyman business theme as SP1.Applying one solution you proposed:What if I arranged a sale of my personal work truck and tools used in both SP1 and SP2 to the S-corp? In exchange the S-corp would assume the flex credit line debt of SP2. I currently keep the SP2 bank account active as the flex credit line loan is tied to it.Thanks!

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PDtax

Owner

Master's Degree

6,858 satisfied customers
We have lived in our house while and only owe about 50k. We

We have lived in our house for a while and only owe about 50k. We would like to do an 2nd story addition. What is the mortgage write off If we refinance and take cash out for improvements and put the cash in a bank saving account until we need the money for he addition.1- regarding the cash out funds that we put into the bank checking account--we get about .18 percent from the bank on the money in the saving account and pay the mortgage of about 3.5 %. JUST an example. Can we deduct any of the interest we pay the mortgage company while the money is just sitting in the saving account before we start the addition.????

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
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