IRS And Taxes

We are planning to rent our existing home and pull $ 200k equity from that home to buy a new primary residence. I am not clear about the $ 100k deductible limit on the home-equity loans. Can I deduct it on Sch A or against the rental income and is the deductible equity loan capped at $ 100k. We file married jointly and our AGI is $ 160k. Answer by sloopy I don’t know where the first reply came from and I’m not knocking his intentions BUT…..I never thought it was allowed or a good idea...Read Full Story

Thanks to Kevin Tolbert, Distressed Property Expert in Port St Lucie, FL for providing this information for both Realtors and Homeowners alike.  Please take some time to provide Kevin a commen on this post Via Kevin B Tolbert, PA GRI, CDPE Keller Williams Realty (Keller Williams Realty of the Treasure Coast) : If you have been thinking about doing a short sale and take advanntage of getting the debt cancellation or "underwater" amount of your mortgage, this opportunity may be coming to an...Read Full Story

The Greater Los Angeles Earned Income Tax Credit (EITC) Campaign Partnership and United Way of Greater Los Angeles, the City and County of Los Angeles, the Office of the Controller John Chiang, and the IRS announced their annual effort to help qualified low and moderate-income families reach financial stability. The EITC partnership is part of a widespread national effort supported by The Bank of America Charitable Foundation, The Walmart Foundation, and Citi Community Development to drive...Read Full Story

Dome Publishing Company, Inc. Products – Tax Deduction File, w/ Pockets, 11″x9-3/4″ – Sold as 1 EA – Tax deductions file allows you to record all personal tax deductible expenses. Simplifies the filing of federal and state tax returns for individuals. Use pockets for storing important papers. Tax deductions file is not dated so you can start any time. Good for a full year. Dome Publishing Company, Inc. Office – click on the image below for more information. Dome Publishing Company, Inc...Read Full Story

Tax Preparation (Photo credit: agrilifetoday ) This tax season many people will be changing their tax filing status from single to married. It's all so exciting for the newlyweds new life together. To make it more interesting you and your spouse can now file joint tax returns. Your filing status is an important part of your tax return because if used incorrectly you could be paying to much in taxes. Many people do not realize that you don't have to continue to use the one filing status...Read Full Story

Does it get added on top of my home mortgage interest? I am preparing taxes with Tax Cut and I cant figure out where to put 900 dollars from an auto loan interest (auto was paid for by a home equity loan on residence) THANKS My book says: Nondeductible consumer interest includes interest on any loan, the proceeds of which are used for personal purposes, such as bank charge interest, finance charges, and automobile loan interest, WITH THE EXCEPTION of the interest on “qualified home...Read Full Story

Business Today Obama Budget Plans $901 Billion Deficit Next Year, Tax Rise BusinessWeek By Roger Runningen and Brian Faler (Updates with itemized deductions in second paragraph, corporate and alternative minimum tax in 13th-14th.) Feb. 11 (Bloomberg) -- President Barack Obama will revive proposals for $1.5 trillion in tax increases as ... Obama's 2013 budget proposal launches election-year debate Washington Post Obama: Pass payroll tax cut extension or be vilified New York Daily News Deadline...Read Full Story