August 24th, 2009
raju79
JohnNSB asked:
This originally stemmed from a complaint over a loan from an ex-girlfriend. I filed the complaint, but now we are trying to solve the matter through mediation. I just am hoping that because any settlement would in effect be “repayment of the loan,” that the settlement proceeds would be tax-free.
Posted in United States
Tags: Ex Girlfriend, Settlement Proceeds, Tax Exempt
August 11th, 2009
raju79
MLE asked:
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Posted in United States
Tags: Citibank, Interest Rate, Loan Personal
August 6th, 2009
raju79
yunimark asked:
I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year?
Posted in United States
Tags: Income Tax, Loan Company, Tax Report
July 24th, 2009
raju79
Jan R asked:
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!
Posted in United States
Tags: Personal Loan, Start Business, Stock Investments
July 22nd, 2009
raju79
Steve M asked:
I’m a business owner with employees. I let one of them borrow a sum of money and I have a signed agreement with repayment terms. The employee has now quit, I’m I entitled to deduct a portion of the loan from the final paycheck?
Posted in United States
Tags: Borrow Money, Paycheck, Sum Of Money
July 21st, 2009
raju79
msphenom83 asked:
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
Posted in United States
Tags: Itemized Deduction, Student Loan Interest, Taxes
July 15th, 2009
raju79
AG asked: I know that student loan interest can be deducted.
My student loans are all either in deferment or forbearance. I’m accruing interest on some of them, but I haven’t actually paid any interest yet. Can I deduct the interest that accrued?
Thanks!
Posted in United States
Tags: Deferment Forbearance, Student Loan Interest, Tax Loans
July 13th, 2009
raju79
Leo asked:
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.
Posted in United States
Tags: Home Loan, Irs, Tax Relief
July 13th, 2009
raju79
little buddy asked: I paid off my entire defaulted student loan at the beginning of this month. I even received a paid in full letter. But today I just got a letter from the IRS that my $600 was applied to that loan by offset!! Apparently there wasn’t enough time between when I paid off the loan and then getting my rebate. I just tried to call the Missouri Department of Education, which my loan is through, but they are closed for the day. Does anyone know if I can get my $600 back???
Posted in United States
Tags: Education Loan, Missouri Department Of Education, Tax Rebate
July 6th, 2009
raju79
Andrew M asked:
My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.
Posted in United States
Tags: Chain Of Custody, Refinance, Thanks For Your Help
