Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: jocon307

It would help if you could deduct like it was pre change where no matter the interest you paid it was deductible.It is now by law you have to pay at least $4000 a year that means if your home is a moderate one and under $50K you can not take the deduction.


54 posted on 09/04/2011 9:23:05 PM PDT by chris_bdba
[ Post Reply | Private Reply | To 27 | View Replies ]


To: chris_bdba

I’m going to have to check on that minimum amount. I just read all I could quickly find on the IRS website and I don’t see any mention of a minimum amount of int. required to take the deduction. They even give an example of people who paid under $2k in interest.

Now this all applies to a straight home mtg, not a home equity credit line or anything like that.


58 posted on 09/04/2011 10:34:17 PM PDT by jocon307
[ Post Reply | Private Reply | To 54 | View Replies ]

To: chris_bdba

Btw, are you in an alternative minimum tax (AMT) situation? That might change things also.


60 posted on 09/04/2011 10:40:32 PM PDT by jocon307
[ Post Reply | Private Reply | To 54 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson