Hi, my mortgage was sold to another lender during June 2024, and as such I have two 1098 forms for 2024. After I input the information and proceed to the next page, I'm asked to tell more about each of the referenced loans, where it asks what is the "loan balance as of January 1, 2025". For the first lender section, what…
Can our son deduct the mortgage interest on his house that my husband and I are co-signers on. The deed is in his name only.
Hello- we are married filing separately (due to wife's student loan situation). We will be itemizing this year because we believe it will be more beneficial than the standard deduction. We have high mortgage interest and real estate taxes for 2024. (We were previously renters in 2023) The payments came from a joint bank…
Hi, I don't generally have any taxable income, but was told I can deduct my Mortgage interest and possible charitable contributions. I have had zero income, didn't file anything 9 of the last 10 years. How would I go about filing a return for those years with no income? Thanks.
I have a situation that the software does not seem to support natively. Using more illustrative numbers to simplify the description. There are two home loans for a primary residence property. Loan 1: - principal is 650K (roughly average for the year - I'm aware of the methods the IRS recommends for computing this for a…
Hi, I am planning to file married-jointly and a single earner in home. I don't have any income other than salary and dividends. I do have mortgage as I bough a home this year. I make 100,000. Dividend is around 2000 and have paid around 24,000 in the interest of mortgage. Do I still need to invest in IRA or 529 to save…
Must the cap gain all be paid up front, even when funds are yet to be rec'd, or is there a provision to allocate incoming principal paydowns vs. cost basis as payments are rec'd? (Short term note, 2~4 yrs, with monthly interest payments plus irregular balloon principal payments). Prior to sale of the LLC it also sold off…
I bought my first home at the beginning of 2023 and will have a tremendous amount of mortgage interest payment made by the end of the year, is there a maximum amount of mortgage interest I can deduct from my taxes? Simplified scenario for example, if my federal taxes are 20k and my mortgage interest is 25k would I get a…
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