The interest on my home loan is Rs 4 lacs per annum and my wife is also a joint owner and joint applicant to the home loan. Can we both claim a deduction of 1.5 lacs each per annum for the same home loan towards interest payment?
my parents helped my husband and i buy a home this year. we have a loan agreement with them and have been building payments of principal and interest since june of this year. the loan is not secured on the home. the home mortgage interest deduction for federal personal income taxes requires that the loan be secured on the property. if i get the loan secured before the end of this taxable year, can i deduct all interest payment made this year even if they were made before the home was secured?
Can I take the entire interest payment as a tax deduction? I was wondering since some of that interest is, in essence, not paying for the mortgage amount, but instead is paying for the cash out amount.
I have two mortgages – one for primary residence and one for investment property. I know that interest payment on both loans are tax deductible. But if I get a home equity loan against my primary home to pay off my high-interest car loan, the interest on this home equity loan is also tax deductible?
I reckon they are fantastic when you have a commission based job/career. We have a fixed interest only loan, so if equipment are tight we can pay bare minimum and when they are more relaxed we can more than make up for that loss of principal by paying more…….And every time you pay principal your actual (interest) payment goes down…..So over time, adding lump sums will reduce your payment versus paying a fixed mortgage for forever/or until its paid off.