Deductible home mortgage interest

Loaning money to your kids can be a great planning maneuver. It is critical that you follow all the formalities to avoid nasty surprises. In the recent Tax Court decision in the case of Christopher DeFrancis and Jennifer Gross it was the borrowers that got the nasty surprise. They borrowed $427, 333 from Jennifer’s mother, Joan Gross, on January 1, 2003. They signed a note and a mortgage. The mortgage was on their residence in Northampton, Massachusetts (A lovely city by the way). They had purchased the residence in 2001 for $365, 000. In 2008 the taxpayers signed another mortgage to TD Bank for $200, 000.


Tax Deductible Loans

2006-11-13 08:34:23 by ritachick

My husband and I just purchased a used vehicle, we used the dealerships financing for convenience figuring we would figure something more economical later.
I just talked to a mortgage broker I'm friends with and learned if we take out a home equity line of credit the interest rate would be about the same possibly slightly lower....but it would mean the purchase would be tax deductible - so that may be the way we go. Just thought I'd post that in case it would be helpful to others

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Dallas cyber-crime maestro's luck runs out  — Dallas Morning News
In his 2007 heyday, this Nigerian-American scammer was stealing more than $7 million a week from home equity lines of credit. In all, the FBI estimates he took between $80 .. of money, the U.S. housing boom was in full swing.

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