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My wife and I are purchasing a single family home with our
my wife and I are purchasing a single family home with our adult daughter. We will co-own the home. She will live there. Can our daughter claim deductions for her half of the mortgage interest while m… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
Lane, When I am looking at projections for my clients using
Hi Lane,When I am looking at projections for my clients using my software all of them seem to be falling out of the AMT next year under the new tax rate. It makes sense to me because of the SALT limit… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
49 satisfied customers
I'm looking at taking out a HELOC to replace a 2nd mortgage
I'm looking at taking out a HELOC to replace a 2nd mortgage and pay off credit card debt. I understand the CC debt can't be used a write off on my taxes but can I still use the interest used to replac… read more
Tax.appeal.168
Tax.appeal.168
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In regards to the new tax bill that was signed, it appears
In regards ***** ***** new tax bill that was signed, it appears the equity loan interest in no longer deductible. Is this the case for rental properties? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
Second opinion] I live in New Jersey and my accountant
Second opinion] Hi, I live in New Jersey and my accountant advised me to prepay half of my annual property taxes. Does it make sense to use my HELOC which has a variable interest rate to prepay my pro… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
49 satisfied customers
I live in New Jersey and my accountant advised me to prepay
Hi, I live in New Jersey and my accountant advised me to prepay half of my annual property taxes. Does it make sense to use my HELOC which has a variable interest rate to prepay my property taxes? Als… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,968 satisfied customers
I live in New Jersey and my accountant advised me to prepay
Hi, I live in New Jersey and my accountant advised me to prepay half of my annual property taxes. Does it make sense to use my HELOC which has a variable interest rate to prepay my property taxes? … read more
Tax.appeal.168
Tax.appeal.168
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13 satisfied customers
Thank you for answering my question. Can you explain why my
Hi Barbara, Thank you for answering my question. Can you explain why my accountant would have suggested prepaying half my property tax for 2018?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,968 satisfied customers
Second opinion] I have been living in NYC since June 2016I
Second opinion] I have been living in NYC since June 2016I sold a business in May 2017 while living in New York City.I was paid over $1 million as pass through income from my multi-member Nevada LLC i… read more
emc011075
emc011075
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Second opinion] My 33 year old son lives with my husband and
Second opinion] My 33 year old son lives with my husband and I in 2016. He worked sporadically off the books. We paid most of his bills. He is on Medicaid. Can we claim him as a dependant on our tax r… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,734 satisfied customers
Second opinion] My husband and I sold a piece of land that
Second opinion] My husband and I sold a piece of land that we had for over 20 years. On the 1099 it shows both our names, however it has his SSN as the transferor. We file seperately and i wanted to f… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I have a Home Equity HELOC loan. Interest rate for this loan
I have a Home Equity HELOC loan. Interest rate for this loan is about 4.5%. I understand that the interest is tax deductible. Is that correct? If so - is it 100% tax deductible - or what %? I still ow… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I need help determining if I need to file a NJ 1041 trust tax
I need help determining if I need to file a NJ 1041 trust tax return. My father-in-law and mother-in-law live in Florida. My father-in-law established a trust while in Florida that would take care of … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,734 satisfied customers
My wife and father in law are on a deed of a house that he
My wife and father in law are on a deed of a house that he lives in. They are considering taking a HELOC out on that property either with him alone, or jointly. If they open a HELOC jointly, who takes… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am the sole member of an LLC, treated as an S-Corp for tax
I am the sole member of an LLC, treated as an S-Corp for tax purposes. I pay myself a reasonable salary and generally leave any remaining net income in the business bank account. There is currently a … read more
Phillip Bell, EA
Phillip Bell, EA
Tax Advisor
Bachelor's Degree
191 satisfied customers
In our divorce decree, my ex husband has 100% responsibility
In our divorce decree, my ex husband has 100% responsibility for paying off our HELOC. I am the owner of the house the HELOC was taken out against. I owned the house before we got married, and never a… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
236 satisfied customers
I refinanced my house in June 2009 and was going to have less
I refinanced my house in June 2009 and was going to have less than 12 monthly payment. When I paid my December mortgage payment on-line (I pay on-line each month), it appeared not to go through. When … read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
172 satisfied customers
What is the estate tax rate in N.J. now in 2007 & in 2009.
In some states, the amount over $2,000,000 gets taxed at 45%; just wondering how it is handled in N.J.… read more
WebTaxMan
WebTaxMan
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