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I think it was about 1986...the Regan years...that the law was changed and interest that wasn't part of a mortgage stopped being deductible.

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Q: When were taxpayers allowed to deduct credit card interest from their adjusted gross income?
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What does the term interest credit refer to?

The term interest credit refers to percentage of the credit that will be added as interest by the bank that issued a credit card. In this case, when the customer exceeds the allowed money limit, the bank will start taking interest on the exceeded credit.


What would be my interest rate for a new car credit score 704?

If you are allowed a loan your interest rate would not differ because of your credit score.


Who pays for the Making Work Pay credit?

Taxpayers. Tax decreases for one group of taxpayers will have to be paid for by another group of taxpayers, currently or in the future.


What is the highest interest rate allowed by credit card companies to charge consumers?

It is regulated by state law, so it depends on where your credit agreement is in effect. Where I am it's 33% annually.


Where stimulus checks taxable?

No. the stimulus is just the same 2008 stimulus for people who did not receive the whole amount in 2008 and that was not taxable There is no 2009 stimulus check. Instead workers get a making work pay creidt. A refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly. Taxpayers who do not have taxes withheld by an employer during the year can also claim the credit on their 2009 tax return.


What is the interest rate on loan?

Interest rates are based solely on the severity of your credit. Good credit = low interest rate. Bad credit = higher interest rate.


Am I still allowed the total amount of the tax credit If I have tax credits totaling more than the taxes I owe?

If you claim a tax credit that exceeds the tax owed, you can receive a refund for the excess credit if is a refundable credit:A refundable tax credit allows taxpayers to lower their tax liability to zero and receive a refund for the portion of the credit remaining.A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero. Any excess credit remaining is lost.The attached link discusses some refundable and nonrefundable credits. Once you get to the IRS website, type the specific credit you are curious about in the Search box to find out if it refundable or eligible for carryover.


What is net adjusted credit?

Adjusted Net Bank Credit is Net Bank Credit added to investments made by banks in non-SLR bonds (in held-to-maturity (HTM)) or it is the credit equivalent of off-balance-sheet exposures, whichever is higher.


How do you apply for first home buyer tax credit?

If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.


What is adjusted net bank credit?

Adjusted Net Bank Credit is Net Bank Credit added to investments made by banks in non-SLR bonds (in held-to-maturity (HTM)) or it is the credit equivalent of off-balance-sheet exposures, whichever is higher.


When will taxpayers receive the making work pay tax credit in 2011?

there is none -- it ended in 2010


Why is important Full Faith and Credit?

Because the government needs to keep a close eye on the taxpayers