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Need CPA help - Right now we have a HELOC, living in CT - I
Need CPA help -Right now we have a HELOC, living in CT - I would like to refinance and also take out additional money. This money will be used to do small home projects but nothing huge. So paying off… read more
Barbara
Barbara
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A couple has a mortgage with a principal balance of 695,000.
A couple has a mortgage with a principal balance of 695,000. The loan origination date was 6/17/2013. They pay 27,000 of interest on this loan in 2018. They also have a HELOC. The loan date is 11/2/20… read more
emc011075
emc011075
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I have a question regarding refinancing a mortgage (primary
Hello I have a question regarding refinancing a mortgage (primary residence) that originated in 2016 … read more
Barbara
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I have a question on cash out refinance. My specific
Second opinion] I have a question on cash out refinance … read more
emc011075
emc011075
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I'm single. i purchased a house for $775k in 2014. I got a
Hi there. I'm single. i purchased a house for $775k in 2014. I got a mortgage for $530k. Ive paid the normal payments plus some extra so I known owe $430k. I want to refinance to lower rates and also … read more
emc011075
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Can I still use my mortgage interest if I re-fied and took
Can I still use my mortgage interest if I re-fied and took money out of my original loan to pay off a family member who loaned me the down payment … read more
emc011075
emc011075
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Bachelor's Degree
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If I got a $800,000 loan to buy a house in Jan 2005 and
If I got a $800,000 loan to buy a house in Jan 2005 and let's say my outstanding loan will be about $560,000 in Jan 2018. Then I proceed to get a $100,000 HELOC in Jan 2018 to remodel my kitchen. Will… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I have a question about the refinance of a grandfathered
I have a question about the refinance of a grandfathered mortgage. The original mortgage was secured in 2016 for a new construction. The refinance was in March. 2018, and the entire amount of the addi… read more
Carter McBride
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I have a HELOC which was originally opened in 2001. This has
I have a HELOC which was originally opened in 2001. This has been refinanced several times, most recently in 2016. How do I determine the amount ($) of the current loan used for home improvements that… read more
Barbara
Barbara
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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
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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®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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3,894 satisfied customers
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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Bachelor's Degree Equivalent
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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
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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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We have both a $900,000 Mortgage fropm 2007 and a (HELOC) home
We have both a $900,000 Mortgage fropm 2007 and a (HELOC) home equity line of credit from 2008 the latter for $420,000 . The IRS are asking for our itemized deductions on the return for 2009. On check… read more
Lev
Lev
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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
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what is the rule in california for deductions on a loan of
what is the rule in california for deductions on a loan of $625,000 with a HELOC of $400,000. Is the HELOC deductable?… read more
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SHOULD I REMORGAGE IN ORDER TO DO RENOVATIONS OR GET A ...
SHOULD I REMORGAGE IN ORDER TO DO RENOVATIONS OR GET A CREDIT LINE, I HAVE ABOUT 35000$ OF EQUITY NOW AND 15 YEARS TO PAY OFF MY MORTGAGE… read more
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