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New tax law - equity lines If a client has an existing
new tax law - equity lines If a client has an existing mortgage and an existing Equity line on primary residence, can they continue to claim both of those on 2018 and beyond return? Do they have to pr… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS auditing 2015 Federal Return regarding reverse mortgage
IRS auditing 2015 Federal Return regarding reverse mortgage accumulated interest on 1098 for $93k. Sent Form 886-A Worksheet for Qualified Loan Limit and Deductible Home Mortgage Interest. … read more
Mark Taylor
Mark Taylor
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Masters
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Will my new home loan that I signed docs for on November
Will my new home loan that I signed docs for on November 1st, be subject to the new tax rules regarding Mortgage Interest deduction or am I grandfathered in?… read more
Lane
Lane
JD, CFP, MBA, CRPS
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Is mortgage interest a write off for cash out refinance (primary
Is mortgage interest a write off for cash out refinance (primary home) when the cashout is used to pay off a mortgage on an investment property?… read more
LEV
LEV
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My legal residence is in the State of Florida. However, I own
My legal residence is in the State of Florida. However, I own no real property of any kind in Florida. I plan to buy a condo in California to live in about 5 months per year. I do not plan to rent nor… read more
Richard
Richard
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Doctoral Degree
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I think i may have received bad advice in the past... I
I think i may have received bad advice in the past... I have a total of $1,040,000 total mortgage and home equity lines. All of this was acquisition debt. Am I able to deduct interest on all of this, … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,960 satisfied customers
can i deduct all my mortgage interest? MY first mortgage is
can i deduct all my mortgage interest? MY first mortgage is 832,000 and original second was 104,000 i refianced my second for 201,000 is all my interest deductable… read more
abci168
abci168
Principal
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I own a home in Midlothian Va. that is in Chesterfield county.
I own a home in Midlothian Va. that is in Chesterfield county. Have been trying to sell it for over three years. It is now underwater and I'm thinking of a short sale. Are there any tax implications t… read more
USTaxAdvising
USTaxAdvising
Partner
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609 satisfied customers
I would like to pay off my current mortgage using my home equity
I would like to pay off my current mortgage using my home equity credit line. I only need to borrow 85,000 to pay off my mortgage, and my credit line is over 102,000. My wife and I file jointly and sh… read more
Merlo
Merlo
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558 satisfied customers
Does the IRS code cut any slack if youre married filing separately
Does the IRS code cut any slack if you're married filing separately but legally separated? My divorce has dragged through the courts for five years. I have done everything in my power to expedite the … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I understand theres a limitation on mortgage deduction over
I understand there's a limitation on mortgage deduction over $1 million. How should I calculate this to minimize my taxes?… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I am preparing my 2008 tax returns due under extension on 10-15-09.
I am preparing my 2008 tax returns due under extension on 10-15-09. We took out a home equity line of credit on our personal residence in 2008. How do I determine the amount of interest on the HELOC t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I had a owner financed home in 2008. I put down 10K andj paid
I had a owner financed home in 2008. I put down 10K andj paid interest only monthly payments. I lost the house because i lost my job. Can i claim the down payment and interest only payments on my taxe… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Kathryn and Andrew, married taxpayers, took out a mortgage
Kathryn and Andrew, married taxpayers, took out a mortgage on their home for $350,000 in 1989. In May of this year, when the home had a fair market value of $450,000 and they owed $250,000 on the mort… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
When are you required to pro-rate the interest and tax ...
Greetings, If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on the mortgages: Mortgages you took out on … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Under a 80/20 mortgage where the 20% is a home equity line ...
Under a 80/20 mortgage where the 20% is a home equity line of credit, is the home equity line of credit interest tax deductible? Mortgage & line of credit started in 2006.… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
My Great grandparents have past away. They left a trust to ...
My Great grandparents have past away. They left a trust to my Grandfather & his Brother. In this trust is a house woth ~$900K. They are looking to sell the house, which they would split the profits 50… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a primary mortgage on my house for 56000 and I ...
I have a primary mortgage on my house for 56000 and I just refinanced a home equity line of credit loan for 106000 and my house was appraised for 169000. Will I be able to deduct all my interest for m… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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