Can interest paid on loans be claimed as a write off on taxes?
152686
Mortgage Interest and Student Loan Interest
1149299
Claim what?  You don't get any tax benefits just for owning a house.  But on your itemized deductions, there's slots for the mortgage interest and property taxes you've paid in the last year.  That, in most cases, is deductable.
288069
That's why whenever you apply for a home equity loan....they don't really tell you.  They alway say consult your tax advisor.\n\nTechnically it's not legal, but it's in a "gray" area of the law.  \n\nI know of tons of people who have taken the interest off their taxes and haven't been challenged.  I would not worry about it.
51339
No, it shouldn't be. It is a loan that you have to pay back (with interest). Income is taxable.
43102
Yes, interest can be charged.  Usually it is written into the decision, that it has to be paid in X number of days (usually 21-30).  I think the percentage is around 10%, however I can't quote that as a fact and couldn't find it online.  I know NY it is only 2%, and I have seen language in NJ regarding "interest that would be accrued in a high rate savings account" or something along those lines.\n\nHowever, the problem becomes collecting on that, as you need the court to issue that they are in default.  Then the court can order them to pay (which they did originally and which was ignored).  Beyond that, I don't think there is an legal recourse.
993238
First they will take your federal tax returns. Then, if you still don't pay off the balance, they will garnish your wages. 15% of your take-home pay. You must pay the principal of the debt (the amount you actually borrowed) plus the finance charges & any "collection/administrative" costs they accrue, trying to get you to pay the debt.
510513
DEPENDING ON THE AMOUNT OF THE HOME EQUITY LINE THEY COULD FORCLOSE ON YOUR HOME.  YOU USED YOUR HOME FOR SECURITY ON THE LOAN AND NOW THEY OWN A PORTION OF IT.\n\nI WOULD SUGGEST GOING TO THE BANK AND TALKING TO THE LOAN OFFICER AND SEEING IF YOU CAN MAKE JUST THE INTEREST PAYMENTS UNTIL TAX TIME EACH YEAR.  THEY MAY LET YOU GET AWAY WITH IT.\n\nGOOD LUCK
1025127
A home equity loan or home equity line of credit is really your best bet.  Interest payments can usually be used as a tax write-off.  Check with RegionalMortgages.com
787339
If the loan is for your education, and your parents take the loan out to pay for your education, and your parents are responsible for paying the loan back, then they can claim up to $2,500 per year of interest on the loan (assuming they pay it) as a deduction on the front page of their 1040.  Now, there are a few exceptions, as there always are with taxes.  Your parents can't file as Married Filing Separately.  If they file as Married Filing Jointly, they can't claim the entire $2,500 if their adjusted gross income (AGI - bottom number on the front page of their 1040) is above $105,000, and they can't claim any of it if their AGI is above $135,000.  If your parent files as single, then the $105,000 becomes $50,000 and the $135,000 becomes $65,000.
1031550
Ordinarily when there is a judgment entered in the court record, that is what is legally binding.  The company will have ensured that if the payment was not in full, then they have the right to charge reasonable interest until it is paid.  The Court would have accepted this and it would be part of the judgment against you.
882522
Actually, it could effect it - it depends upon the type of loan and whether or not it's past due.  For example,  if a spouse is delinquent in paying child support and the the attorney general has filed some sort of paperwork with the IRS to withhold the tax refund.  Also, past due school loans could garnish the refund.  In these type of cases, the other spouse may be able to file an "injured spouse claim" to claim a refund for their part of income and tax, if applicable.  \n\nIf there are just regular loans, other than mortgage, this will have no bearing on filing.
198948
Yes you can file it. If they owe you money the time has ran out to get it back. They only go back 3 yrs. If you owe them money you might have to pay penalties. I know it is better for you to file it late if you owe than to have them open it up.
1074587
An individual is allowed to own a second house and still claim all the interest and property taxes on his return.  There are dollar limitations to the interest deductions however.  He should not claim it as a rental property, as that would create adverse tax effects when sold.\nIf your friend is wealthy enough to handle the additional house payment, I would suggest he spend a few extra bucks and consult with a competent tax professional.
245469
You are given an allowance in the Tax\nscheme for these things,so I don't think\nyou can claim them.check with your taxman\nto be sure.
535647
Yes.  But, if the loan is not repaid because it was forgiven, the amount forgiven may have to be reported as income to the one getting the loan.  The lender must file an appropriate 1099 with the IRS.
952079
I agree with Kathy R.  One thing that I would do is sign a simple agreement with the person whose name is on the mortgage that states that you are legally responsible for the mortgage and entitled to claim the interest deduction.  You can take the interest deduction even if you don't get a 1098 -- report the interest you paid on line 11 of Sch A (instead of line 10) and include an explanation with your return that identifies your ownership of the house and the existence of the agreement.
1112783
Yes because you can write off the interest payment.