Tag: equity
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Home Is Where the Tax Breaks Might Be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. Deduction and limits for “acquisition debt” A personal interest deduction generally isn’t allowed, but…
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Some Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax…
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Home-Related Tax Breaks Valuable on 2017 Returns; Less So for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related…