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Last year I deducted just under 1.1 million in home mortgage
Last year I deducted just under 1.1 million in home mortgage interest. 200k was from a primary mortgage we have had on a second home my wife has owned since 2011, the other 900k was from our new prima… read more
Dr. Fiona Chen
Dr. Fiona Chen
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Tax benefits under the new tax laws is interest paid for
tax benefitsunder the new tax laws is interest paid for real estate ever taxable..ie: Buying a Vacation condoBuying a condo as rental investmentetc>… read more
Robin D.
Robin D.
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For tax return in the coming year (2018), can we still make
for tax return in the coming year (2018), can we still make deduction from the mortgage interests we paid for home or rental property etc..? I heard there will be significant changes to this end.… read more
Lane
Lane
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Doctoral Degree
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Chad, I have a question relating to how the new tax law
Chad, I have a question relating to how the new tax law effects mortgage interest deductions.I currently own a home that i do not have a 1st mortgage on, but i do have a Heloc that has a 200,000 balan… read more
Chad EA, CDFA®, CFP®
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We plan to refinance our mortgage and we are aware that
We plan to refinance our mortgage and we are aware that under the new tax code the maximum amount deductible for 'new mortgages' is $750K. We are also aware of a grandfathering rule but not sure if it… read more
Lev
Lev
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30,440 satisfied customers
I have a client who is coming to get a loan on a vacation
Hi there; I have a client who is coming to get a loan on a vacation home that she's building. She wanted to refinance her current residence for the funds to build the vacation loan to get a lower inte… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Ok Robin, I have another one for you... When I mortgaged my
Ok Robin, I have another one for you... When I mortgaged my home I had a seconded interest only loan to accompany the regular mortgage. With the changes to the Tax Code for 2018, can I still deduct th… read more
Robin D.
Robin D.
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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
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Bachelor's Degree Equivalent
30,440 satisfied customers
If I have a mortgage over 500,000 and I purchased my home in
If I have a mortgage over 500,000 and I purchased my home in 2017 am I grandfathered in to deduct my mortgage interest above 500,000 or do I lose out on my mortgage interest deduction above 500,000? T… read more
Robin D.
Robin D.
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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, MBA, CFP, CRPS
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My wife and I own several multifamily rental properties. This
My wife and I own several multifamily rental properties. This year we refinanced two of the properties, which are held in a California LLC that we set up a few years ago, taking $1,000,000 cash out. W… read more
Lev
Lev
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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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I have a client who owns a vacation rental property. He short
I have a client who owns a vacation rental property. He short sold the property in 2011. The facts are as follows. He sold the property for $750,000. The bank forgave about $800,000 in debt and issued… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,440 satisfied customers
My friend bought a new home in September 2009 with more than
My friend bought a new home in September 2009 with more than 1.1M mortgage to replace his old house that had about $750,000 mortgage that he sold this January. I am helping him to do income tax with T… read more
RD
RD
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The question I have is When a person refinances, can they
The question I have is: When a person refinances, can they take the full amount of the interest? I keep reading that it depends on how much. Example: purchase home for $100,000, refinanced new loan to… read more
Merlo
Merlo
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I have a mortgage on my house ($75,000 - 30 yr fixed 6.5% since
I have a mortgage on my house ($75,000 - 30 yr fixed 6.5% since 2001), about 1 1/2 years ago I took out a home equity loan to renovate ($27,000 - 10 yr fixed 6.5%). I have approached the bank to combi… read more
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Wendy Reed
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If I take a cash out refinance, can I deduct the mortgage ...
If I take a cash out refinance, can I deduct the mortgage interest? I have a $750,000 mortgage on a 1.2 million dollar home and would like to take 80 or 90% LTV and take the difference as "cash-out" f… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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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
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