How much of a mortgage payment is tax deductable?
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ANY INTEREST AND ANY PROPERTY TAX THAT MIGHT BE INCLUDED IN THE PAYMENT
470879
Points, mortage interest and real estate taxes are deductible and should be reported to you by your mortgage company.\n\nFees such as document processing fees are not deductible, but you are able to add them to your basis if you have a capital gain on the sale of your house.  I would not worry too much about computing the basis of your house purchase(since there is a 250/500 K exclusion), but I would keep the documentation so I had it just in case you need to compute it.\n\nHOA fees might be included in your closing costs and are never deductible(or added to the deduction) because it is an expense for your benefit.
566339
You can split your new mortgage into two loans.\n80% on the first and 5% on the second.\n\nOR\n\nSome lenders offer TAMI (Tax Advantage Mortgage Insurance) where you pay a slightly higher interest rate but there is no added PMI to your monthly payment. Since Interest is Tax deductible and PMI is not, you will have more to write off.\n\nA good lender will be able to show you the options available.
1160579
You should consolidate, since rates will be going up to 7% or higher.  The interest is deductible, but you're still paying more with higher interest rates.  Say you're in the 25% tax bracket, and have $10,000 in loans.  At 5%, you pay $500 in interest. The tax deduction on the interest comes out to $125, so you've paid $375.  At 7%, you pay $700 in interest, the tax deduction is $175, you've paid $525.  The worse the interest rate gets, the more (net) you'll have to pay.
613811
Depends.  \n\nFor individuals\nLate mortgage payment fees, yes, as interest  in year paid.\n\nPrepayment of next year's payments - only January's, which is actually accrued by December's month end, and only in year paid..  You should pay in time to have it included on 1098 issued by mtg.holder to avoid questions.\n\nYou can deduct penalty prepayment fees as interest the year paid.  These fees should also show as interest on a 1098 form issued at year end.
171494
Traditionally, your home mortgage payments should be no more than 25% of your monthly net (not gross) income.
1163896
No debate here, happens every day. In some cases the taxes owed on a property exceed the original mortgage amount, some deal huh. If you live in a liberal state like California or New York its even worse. The taxes are so high you need a mortgage just to pay them. An interesting result of such high costs is people are moving out of the high cost states and to places like Nevada and Arizona. There goes the neighborhood!
827260
Debt - Interest payments are tax deductable\nEquity - Dividend payments are not tax deductable
1105985
You can deduct all expenses directly related to your rental property, even if it is not being rented.  It must be available for rent tho.  So if one moves out, any expenses you incur in getting it ready for the next one are deductible, which include cleaning, repairs, rental agency fees.  The mortgage interest, RE taxes and insurance too.  The appliances can be dedcutible at 100% (Sec 179) but will depend on your income.  Otherwise you will need to depreciate in over time.  The cost of the property can also be depreciated over 27.5 years.  Most tax computer programs can help you with these calculations.\nOne issue will be what you do with the property the other months that you are not renting it out.  If you are living there, then your rental property will have limitations.  Consult a tax accountant for more details.
846281
It is deductible:  I love this article that was posted on the bankrate.com site.\n\nHome sweet homeownership tax breaks \nBy Kay Bell • Bankrate.com   \n \n\nCongratulations, you've just taken another step up the American-dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you now have some new tax considerations.\n\nThe good news is that you can deduct many home-related expenses. These tax breaks are available for any abode -- mobile home, single-family residence, townhouse, condominium or cooperative apartment. \n\nThe bad news is that to take full tax advantage of your home, your taxes will likely get more complicated. You're not living on "EZ" Street anymore; you've moved to the 1040 long form and Schedule A, where you'll have to itemize deductions. \n\nFor many homeowners, the effort of itemizing is well worth it at tax time. Some, however, might find that claiming the standard deduction remains their best move. How do you decide? First, find your standard deduction amount, based on your filing status: $5,000 for single or married filing separately taxpayers; $7,300 for heads of households; and $10,000 for married couples who file joint returns. Then compare it to the total expenses you can itemize and file using the method that gives you the larger deduction.\n\nTo help you figure your possible Schedule A tax breaks, here's a look at homeowner expenses you can deduct, ones you can't and some tips to get the most tax advantages out of your new property owning status.\n\nMortgage interest\nYour biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest. And all that interest is deductible, unless your loan is more than $1 million. If you're the proud owner of a multimillion-dollar mortgaged mansion, the Internal Revenue Service will limit your deductible interest.\n\nInterest tax breaks don't end with your home's first mortgage. Did you take advantage of low rates and your real estate's growing value to pull out extra cash through refinancing? Or did you decide instead to get a home equity loan or line of credit? Either way, that interest also is deductible, again within IRS guidelines. \n\nGenerally, equity debts of $100,000 or less are fully deductible. But even then, the remaining amount of your first mortgage could restrict your tax break. This could be a concern if you excessively leverage your house. \n\nWhen a homeowner takes out an equity loan that, when combined with his first mortgage amount, increases the debt on the house to an amount more than the property's actual value, the homeowner faces additional deductibility limits. In these cases, the IRS says you can deduct the smaller of interest on a $100,000 loan or your home's value less the amount of your existing mortgage.\n\nFor example, you bought your home three years ago with a minimal down payment. Your mortgage balance is $95,000 and the house is now worth $110,000. Your bank says you qualify for a 125 percent loan-to-value equity line, or $42,500 ($110,000 x 125 percent = $137,000 - $95,000 left on your first mortgage). To pay for your daughter's college tuition and buy her a car to get to school, you take the bank up on the offer, thinking the interest deduction on the loan would be icing on the tax-break cake\n\nHowever, you're not going to get to deduct all that interest. Instead, your deduction is limited to interest on just $15,000 of the loan; that's the amount your home's value exceeds your first mortgage. Interest payments on the other $27,500 are not deductible, even though the equity line is secured by your home. So don't automatically assume you can deduct all interest on home equity debts.\n\n- advertisement - \n \n \nWhat if your real estate circumstances are a bit brighter? Say, for instance, you're able to swing a vacation home on the l
543377
There are many nonprime lenders who will do 100% financing without PMI.  These lenders buy the PMI themselves and you effectively pay for it through your interest rate.  The good news about this scenario is that all of your mortgage payment is tax deductible (whereas PMI payments you make yourself are not).\n\nThere are a lot of mortgage calculators out there that can help you figure out loan structure scenarios.  I suggest using those found at many websites including those you can find on Yahoo! http://realestate.yahoo.com/calculators/\n\nGood luck!
872955
You may pay several different taxes depending on where you live.\n\nSome places have a transfer tax when you buy the house, sort of like a sales tax.\n\nMost cities and counties have real estate taxes based on the value of your home. Sometimes there is a school tax, too, but sometimes they're combined.\n\nThese taxes are all deductible on your federal income tax if you itemize.\n\nSome places have a sewer tax that is based on water use so it may or may not be deductible.\n\nYour best source for this information would be a Realtor and a tax adviser.
1175469
what's the money being deducted for
249200
Are you talking about a property that you own? If so Yes mortgage int and property tax are deductible as well as depreciation. Any major repairs you make are supposed to go in to the basis of the property(new roof) and that will also be depreciated. the way it is depreciated depends on the kind of rental property it is(res or non res) and the date the property was purchased. I would go to IRS.gov and pub 946 how to depreciate property.
767606
No taxes are due, since it's a loan and you have to pay it back.  The people who said the interest you pay is deductible are not correct, unless the loan is set up as a mortgage.  Personal interest is not deductible.  The interest income does have to be claimed, though, by the person who made the loan and collects the interest.
236623
Yes. You might not get the full deduction
657333
Generally you can't deduct the expenses related to purchasing a house, except any points paid.  The extra expenses would be added to your basis (the book value of the property cost+expenses-selling costs) of the house.  You should be able to take a loan from your 401(k) without penalty, you just have to make the payments to the 401(k).