can anyone tell me if the interest paid on a judgement is tax deductible?
970794
I do not believe that it is.  If you are talking federal income tax returns, the only tax that's deductible is state income tax and any type of governmental tax, such as real estate property tax, city and county taxes, and personal property tax (such as registration fees paid to the dept of motor vehicles).\n\nHowever, it's worth a call to someone to make sure!  You can probably call the IRS's 800-number for taxpayer questions.  (Might be better to do that than rely on the answers here!)\n\nGood luck!\n\n~ ♥ ~
424608
Here's the beginning of the answer: "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below. It has more complete explanations.
888866
As an idea you could try your local tax office,either your last employers tax office or the one closest to where you live.Or try Her Majesty's Revenue and Customs website.When i had zero (claimed)income i used this to have my interest paid gross of income tax.It doesn't answer your question exactly but I'm only trying to help you.Don't let people diss. you 'cause they don't know your circumstances.
438836
The receiver doesn't have the option to just turn a payment into interest only.  You first need to consult the loan agreement as to how the payments are to be applied.  If the agreement allows him to do that, you are getting screwed because you will never pay down the loan and you will be in debt on the property forever.\nIf the payments are interest only, you can deduct that amount on schedule A.  You should receive a Form 1098 from them detailing the exact interest amount.  If you did not receive one, request one.\nJust a note - the cancelled checks may not be enough to substantiate the deduction.  You will also need the loan agreement or the Form 1098.
816976
Your downpayment is not deductible, however, any mortgage interest, discount points, and property taxes that you paid at closing are.deductions you may take on yor Schedule A thereby reducing your taxable income.
256090
No.  The company that holds your mortgage should have supplied you with a statement of how much mortgage interest you paid over the previous year.  You can only claim that amount.
65012
I am assuming this is a question on US Tax Law.\n\nYou can take any type of mortgage on your home to claim the interest deduction.  The end use of the loan does not matter.
902580
No, there's a special law to allow deduction of home mortgage interest, but it doesn't allow you to deduct other personal interest like car payments or leases, unless you have a business and the car is used for your business.
147943
Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.\n\nYou are always, always, **always** better off not to pay the interest in the first place, whether it is tax deductable or not.\n\nMany people also ignore the fact that if you don't itemize, you still get the standard deduction even if you don't have a mortgage. This new standardized deduction will replace your itemized deduction making the loss of the deduction that much less noticable.\n\nSo do it, and congratulations!
180221
no it is not. If it is in your company's name then it is deductible to your company but if it is in --your b/f or g/f name then no it is not tax deductible. Sorry I couldn't give you better news. Good Luck
1118886
In most places taxes and interest paid is deductable
872943
The only thing you can deduct from your tax is probably your mortgage interest. Individual items in the closing statement may be deductible when you sell the house.
890640
Dave, your principles bear no interest for me ;-)\n\nGetting back to the question, an interest-free loan to charity is not deductible.  There are a number of reasons for this, but just suppose your benefactor did not loan you the money, but invested it himself and donated the income to your foundation.  He would have offsetting items of income and deduction for zero net effect on taxable income.  The same result arises from the interest free loan:  No income, no deduction.\n\nAnd it's principAL, not principLE, in case you missed the joke.
678137
Technically no, you don´t - if tax is due (see limits above) it is due from the estate BEFORE anything is paid out to beneficiaries.  So if you have received something, it SHOULD already have been taxed unless there are special circumstances.
461960
yes but not directly.  There's a pass through site that handles the payments.  the IRS's site has info on it.
343767
The above answer is blatantly false. The IRS taxes all lawsuit awards and settlements not for physical injury or disease, and even for those awards, they tax all punitive damages and interest. Legal fees are to be deducted from the award.
596730
if you have a judgment then yes, they can attach your paycheck if you don't pay the judgment. So you have limited options. Pay the judgment, or let them attach your bank accounts, paychecks, assets, etc. If you did not give them any info on your bank or employer then they will have to go back to court to get that info. So you may have time before that happens. Outside of skipping town and being on the run, I'd just pay the judgment. else you have little recourse with the courts.