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Mortgage deduction traps?
As Janet Novack explains, Not All Home Mortgage Interest Is Tax Deductible. For example, acquisition debt up to $1 million generates deductible interest, but if you pay it down and then refinance...
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Will boats no longer qualify as ‘second homes’ for deducting home mortgage...
Maybe not. Kay Bell reports on legislation that would disqualify boats from the deduction. It’s not likely to pass by itself, but it might be an irresistable revenue raiser on a bigger bill sometime.
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Using a security as security doesn’t give you investment interest
Like any exotic subculture, the tax world has its own legends and superstitions. The Tax Court popped one superstition yesterday: the belief that you can turn non-deductible personal interest into...
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Buying a house for the kid: who gets to deduct the interest?
Some parents are deciding that buying can beat renting for students and young graduates in a depressed housing market. Anthony Nitti explains the problems in figuring out who gets the interest...
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Million dollar mortgages: when division = subtraction
Filing separate returns can be an expensive move. It was more expensive than usual for a Brooklynette in Tax Court yesterday. The taxpayer bought a residence for $1.35 million in 2007. She lived...
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