Q&A: Can personal loan interest be tax deductible if you use the loan to buy property?
Question by gabyrig: Can personal loan interest be tax deductible if you use the loan to buy property?
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
Best answer:
Answer by bostonianinmo
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you’re buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it’s a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
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Categories: Loan Questions Tags: deductible, interest, loan, Personal, property
How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan
How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan
Good financing is an essential part of running a business. With inside information from an experience banker, this book takes business owners through the loan process. Recommended by “Inc.” Magazine, it will help readers prepare a successful loan request package .
List Price: $ 12.95
Price:
Decoding the New Mortgage Market: Insider Secrets for Getting the Best Loan Without Getting Ripped Off
Decoding the New Mortgage Market: Insider Secrets for Getting the Best Loan Without Getting Ripped Off
The housing market is in turmoil, but if there’s a silver lining, it’s the fact that purchase prices are at historic lows. Sure, there are still plenty of predatory lenders waiting to exploit the naive potential buyer, but those who do their homework will be rewarded with a fair price and manageable mortgage terms. “Decoding the New Mortgage Market” is a map to finding the best and most realistic mortgage deals while navigating past potential obstacles and traps. This book is filled with money-saving advice. Because lenders and buyers alike have gotten ‘burned’ in the mortgage crisis, finding and qualifying for a manageable loan may now be more difficult. Readers will find that “Decoding the New Mortgage Market” makes the search both easier and more fruitful, and that their dreams of home ownership are still within their reach.
List Price: $ 17.95
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Is a loss from a personal loan the same tax category as a loss from stock investments?
Question by Jan R: Is a loss from a personal loan the same tax category as a loss from stock investments?
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $ 3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $ 3000 limit? Or is there a way I can claim that loss separately? Thanks!
Best answer:
Answer by v b
You cannot claim the loss separately.
You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he’d pay you back; show you tried to get repaid; why it’s worthless, etc).
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Categories: Loan Questions Tags: category, from, investments, loan, loss, Personal, Same, Stock
Q&A: Does anyone know where to get an installment loan if you’re receiving Unemployment benefits?
Question by 2NewHips: Does anyone know where to get an installment loan if you’re receiving Unemployment benefits?
I am currently out of work and in desperate need of a loan. I’d like an installment loan that I can pay back over time because I’m receiving unemployment benefits and money is really tight.
Best answer:
Answer by Satisfied Mind
I’m not entirely sure you can get a loan when your not working, at least not from anywhere legitimate. I am sure, however, that it is not a good idea to put yourself in a deeper hole.
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Categories: Loan Questions Tags: anyone, benefits, Installment, Know, loan, receiving, Unemployment, you're
Crisp: Getting a Business Loan (Crisp Small Business & Entrepreneurship Series)
Crisp: Getting a Business Loan (Crisp Small Business & Entrepreneurship Series)
The concepts and applications of the loan process, clearly written and free of business and technical jargon.
List Price: $ 17.95
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Categories: Loan Products Tags: Business, Crisp, Entrepreneurship, Getting, loan, series, Small
Personal Finance Tips : How to Get a Personal Loan With No Credit History
Our registered financial consultant will talk about loans. Tips will be provided to you on how you can have a loan with no credit history.
By having this video, you will be presented with solutions on what you can do to get that personal loan. Perspective coming from our expert will be your guide with steps you need to take so you can make your own savings into a loan.
You will definitely enjoy what this guy can provide you especially ideas on how to improve your personal finance using proper and well experienced way. After watching this video you will be educated on the techniques you can use regarding loans.
So I hope you can learn more and have fun with this video on personal finance tips: how to get a personal loan with no credit history.
Is an unpaid payday loan in Texas considered a criminal case or a civil case?
Question by jnttweise: Is a unpaid payday loan in Texas considered a criminal case or a civil case?
If you took out a payday loan, Is it a civil case or a criminal case in the state of Texas? Can you do jail time?
Best answer:
Answer by Docker
No you cant go to jail, but it will screw up your credit and they can take you to court, which means additional fines and court cost for you.
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Categories: Loan Questions Tags: case, civil, considered, criminal, loan, Payday, Texas, unpaid
How does the personal loan from banks such as Bank of America or Citibank work?
Question by BeBeAdY: How does the personal loan from banks such as Bank of America or Citibank work?
I just received an offer to apply for a personal loan for up to 35,000 with Bank of America and for up to 5,000 with citibank. I actually need no more than 7,500. The interest rate is between 9,97 and 27,88 based on credit worthiness. I will like to know how it works. I’m hesitating between that and applying for a credit card. My credit score is fair (650). A friend advised me to go for the loan because it’s a guaranteed fixed interest. But since I’ve never done it before I will appreciate some more advice. Thanks so much.
Best answer:
Answer by Mrs Apple
Loans and credit card are quite similar. It really depends on your credit history and your employment status. No company will give you money if you don’t have a job. Loans and credit card interest can be fixed or variable. This is something that you need to talk to the bank about. Don’t apply for a credit card if the interest is not fixed. The only difference is that a loan will require you to pay off at a certain amount of time. This is how the bank calculates your monthly payments. As for credit cards, you can pay off anytime you want but you’ll need to make minimum payments. Since you are only making minimum payments, you can end up never paying off this debt. However, you can negotiate on the interest rate in the future if your credit history improves.
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