Loose End deductions

Question 1

Using business $ to buy business propety.

Answer 1

interest is deductible ATL

Question 2

GOVERNS deductions on interest

Answer 2

1.63 a -h

Question 3

Investment interests… generally..

Answer 3

can deduct but limited by 163 d

Question 4

investment interest is

Answer 4

borrowing $ to buy investment property

Question 5

cant use invrestment interest to

Answer 5

offset other income, such as woges. limited to investment income ofsets.

Question 6

Qualified Residence Interest 2 types

Answer 6

Interest on home equity loan

Acquiring indebtedness for qualified residences

Question 7

interest on home equity loan

Answer 7

doesntm atter what you use the cash for, interest is deductible up to 100k BTL

Question 8

Acquiring indebntedness for qualified residences

Answer 8

cant deduct interest on mortgate to extend mortgage doesnt exceed 1 mill.

Question 9

how many qualified residences can you have

Answer 9

2

Question 10

personal interest

Answer 10

gen nont deductbie. Exception for home equity loan if you use for consumer reasons

Question 11

business credit card interest

Answer 11

deductible

Question 12

mortgage interest

Answer 12

interest not deductible because of imputed income isnt taxed.

Question 13

deductions for homeowners

Answer 13

163- gen deduction for interest, limited by H, H3 defindes what is personal, 163 h 4 qualified residence

Question 14

student loans

Answer 14

221- capped and phased 65-80 and 13-160