Tag Archives: Loan

Amend it Now

Today TaxMama® hears from Jennie in the TaxQuips Forum, with a good question. “I took out a mortgage from a private party 4 years ago. They have never sent me a mortgage interest statement. Therefore, I have never included it on my taxes. I realized that is a HUGE mistake as I would most likely […]

Reverse Mortgages

Today TaxMama® hears from Dave in the TaxQuips Forum, with this question.  “How do we deduct interest on a reverse mortgage?” 

Homebuyer Credit Repayment

Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that […]

Bought a House

Today TaxMama® hears from Atomicar in the TaxQuips Forum with this question. “We bought a house in December 2011 and moved in first day of 2012. What expenses can we deduct? (I know we can’t deduct house hunting or moving expenses.).”

Timing of Purchase

Today TaxMama® hears from Insha in the TaxQuips Forum with this question. “I run a daycare center in my home. I file a Schedule C on the cash basis. In February 2011, I bought an asset for my business that cost $2,000. I’m making payments of $100 per month on it. So, on my 2011 […]

Pay Off or Refi?

  Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home.  It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more.  Should I refinance at today’s rates? I could pay off the loan, but that would drain our […]

Homes and Attributes

Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e “Discharge of qualified principal residence indebtedness”? If the Cancellation of Debt for a foreclosure is a principal residence, attributes do not […]

Sign on Bonus

Today TaxMama hears from Valoree in the Tax Quips Forum with this question. “My client received a sign-on bonus of $30,000. He worked awhile for the company, but left before the contract was up. He got a loan to pay back the $30,000 – and paid about $2,400.00 in interest. Is it possible to deduct […]

Loan Modification Tax Effect

Today TaxMama hears from Janet in the TaxQuips Forum with a quick question. “We have applied for a loan modification on our home.  Will that have any affect when we file taxes next year?  I’d ask the loan counselor, but they are impossible to reach.”

Big Loan from IRA

Today TaxMama hears from Kandi in the TaxQuips Forum with a personal opportunity. (Let me paraphrase the question.) “A friend wants to loan me money from his IRA, but is afraid of having to pay all the taxes when he draws the money out. Is there a way to do this and avoid the taxes?”