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no you have to claim it as income
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∙ 12y ago
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Who is the deductible paid by?
The deductible in a person's health insurance policy is paid by the owner of the policy. This means that the person who purchases the policy is responsible for the deductible fees.
Are vehicle registration fees tax deductible in kansas?
Registration fees are only deductible when based on the value of the vehicle. KS registration is a set amount bsaed on the weight so they are not deductible. Your Property Taxes (paid at the same time) are deductible.
What part of student loans are deductible?
the interest that is paid or that accrues on the loan is what is basically deductible. however, such student or dependent if claimed must attend school at least half-time that leads to a degree, associate degree or a recognized certificate. it is also deductible if it accrues from a credit card used for the student loan. However, such eligible fees should receive a 1098E for its eligible insititution
Is it legal for the finance company to repossess your car for late fees even though the loan is paid in full?
Yes, the loan is not paid in full if there are unpaid lates fees
Who can do a loan modification and get paid?
Each state has different regulations on who can do a loan modification. Check with the regulatory agency in your state. Usually it is the regulatory agency for banks and financing or real estate.
If on loan modification can they still report you late?
Yes if this is a "trial modification". Once the modification is finalized and you make the agreed upon payments on time, it will report as paid on time.
Is it true that after 6 payday loans you have paid the loan in fees and the company won't bother you?
absolutely not. You have to pay the loan to pay the loan.
How should one claim loan origination fees and loan discount fees when filing for tax returns?
You can claim your loan origination fee and loan discount points as interest. Essentially a loan origination or discount point are used as pre paid interest to the lender to attain a desired rate. Claim you fees as interest deductions added to your interest paid ytd from previous mortgages(on a refinance) or YTD plus origination and discount. The current deduction is relevant to home loans only, within certain qualifying guidelines. Loans secured by things other than your primary residence (like a car, boat, business, stock, etc) generally are not deductible at all. The IRS has a special qualification for when fees and points that are on a home are allowed to be deducted when paid on origination, not as otherwise required - ratably over the course of the loan. Generally, it is best to follow the paperwork you will receive from the lender specifying which fee's and points are considered a prepaid interest and may be deductible. Fees (sometimes reflected as points) like those for appraisals, credit reports, brokerage, etc., generally are not.
Is home equity tax-deductible?
The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.
Can a auto loan company hold your title for unpaid late fees?
Yes, you will not receive your title until all fees are paid on the loan. I know for a fact because I am in the same situation.
Can title insurance be transferred when refinancing a mortgage?
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
Over what period of time are points paid for refinancing tax deductible?
The term of the loan received. If you refinance it early, you get to take the remaining.
