Before you consider refinancing your mortgage, it’s smart to familiarize yourself with the tricky tax rules on what is or is not deductible when it comes to interest payments.That’s especially true following changes in the tax law that went into effect on January 1, 2018. The majority of those changes are set to expire at the end of 2025 unless Congress reauthorizes them.
Load Error Several late-year tax strategies, for example, are still worth heeding. So too for major unreimbursed medical.
At the time this publication went to print, Congress was considering legislation on expired tax benefits. To find out whether legislation extended these and other tax benefits to allow you to claim them on your 2018 return, go to irs.gov/extenders. qualified principal residence indebtedness.
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In a real estate sales transaction, the buyer can negotiate certain concessions. A seller may agree to pay a portion or all of the buyer’s closing costs, up to a certain amount. Seller-paid closing costs may benefit both parties. A seller can fetch a higher price for his property and the buyer does not have to come in.
· The changes to the tax laws at the end of 2017 eliminated a lot of deductions, but you may still be able to deduct the interest paid on funds borrowed through a cash-out refinance.
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The IRS permits home purchasers to deduct many of the settlement charges for the tax year during which they purchase the home. tax deductible closing costs include mortgage points, property tax.
· The Student Loan Interest Deduction . One useful tax break for college graduates and their parents is the student loan interest deduction. For your 2018 taxes, this deduction is worth the amount you paid in interest for your student loans, up to $2,500, which is the maximum deduction.
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How much does it cost to refinance a mortgage? Learn how to calculate the cost of refinancing to help determine if you will save money by refinancing.
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