|
|
| *Loan,banking and credit>>>mortgage loan |
Can the interest/payment on a home equity loan be deducted as home office expense, the same a home mortgage ? |
I have been asked to set a home office for my employer's benefit. I will work from home on daily basis. I know I can deduct a portion of my mortgage payment and utlilties from my taxes, but can I deducted my home equity loan payments? Should I consolidate both loans to get the total tax benefit? Mmmh I've noted that thanks. BTW I'm the Tax Man (or my friends call me Lucifer). lign="right" > Sign in to vote! Interest paid on a home equity loan is deductible as mortgage interest as long as the home equity loan is not greater than $100,000. If such a loan exceeds $100,000 then you would have to trace what the funds were used for to seen if any additional interest is deductible. Interest paid on a home equity line of $100,000 or less is deductible on schedule a as mortgage interest but it is not deductible when you are computing alternative minimum tax. Mortgage interest is defined as a loan obtained to purchase, construct or improve a personal residence plus a home equity loan of no more than $100,000. The overall limit on such loans is $1,000,000 plus the $100,000. lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. lign="right" > Sign in to vote! |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |