Deduct Mortgage Interest and Home Equity Loans

By alan on April 5, 2011 at 2:11 pm | 0 comments

Deducting mortgage interest, as well as interest on home equity loans and HELOCs, can save money on taxes.

Deducting mortgage interest is a great tax benefit that can make homeownership more affordable. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit, or HELOCs.

If you want to deduct all of your mortgage interest, there are limits on both how much money you can borrow and on what you do with the money you get. You also need to itemize your return to reap the benefits of these deductions. Calculations can be complicated, so consult a tax adviser.

Estate Tax, Tax Credits, Flood Insurance: An Update on Tax Issues

By alan on January 25, 2011 at 1:02 am | 0 comments

Estate tax in flux

Even top tax experts confess confusion as they try to figure out what’s happening with the estate tax.

Here’s a quick summary: As of October 2010, Congress still hasn’t restored the federal estate tax despite predictions they would reinstate it retroactive to January 1. Now, many experts are saying that Congress isn’t likely to pass a retroactive estate tax this year. The 2011 status remains a mystery.