Tag Archives: interest
Taxpayers who seek a loan for the purchase of a home are likely aware of the tax savings that come with points deductibility. However, refinancing may afford you the same tax breaks. Typically, refinancing requires the homeowner to subtract loan points over the loan’s term. If any portion of the money received from refinancing is […]
— Read moreA form 1099-INT reports all taxable interest you receive. You are required to report the amount on your federal tax return, regardless of whether or not you have to pay tax on the interest. You aren’t required to attach copies of the 1099-INT to your tax return, as long as you report the information. Understanding […]
— Read moreThis year, taxpayers may notice a new tax that applies to income from investments. Known as the Net Investment Income Tax, you may be responsible for paying this tax if your regular income is over a certain threshold, and you have investment income. If you think you might be subject to this tax, you’ll want […]
— Read moreTaxpayers are required to pay tax on any income received from investments. The same applies to children with investment income. If a child is unable to file their own return, the responsibility lies with the parent or legal guardian to ensure a tax return has been filed correctly. Depending on the type of investment income, […]
— Read moreDespite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages, up to $1.1 million, […]
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