TRANSFORM NONDEDUCTIBLE INTEREST TO DEDUCTIBLE INTEREST

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TRANSFORM NONDEDUCTIBLE INTEREST TO DEDUCTIBLE
INTEREST

• The only interest that is still deductible as an
  itemized deduction is home mortgage interest and
  investment interest. If you are like so many
  others with large consumer debt such as credit
  cards, car payments etc. you are paying interest
  that is not deductible. If the amount of consumer
  interest you pay each year is substantial and you
  itemize your deductions, you may want to consider
  converting that non-deductible interest into
  deductible interest by paying off the consumer
  debt with a home equity line of credit.
  Generally, current law allows individual
  taxpayers to borrow up to 100,000 of home equity
  and deduct the interest on that loan as home
  mortgage interest. This would also apply to
  planned large consumer purchases such as a car or
  motor home. Using a home equity line to purchase
  these items will make the interest deductible. 

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• Before borrowing against the home, you should
  consider the following
• Treat the home equity loan like a consumer loan
  and pay it off over the same period of time you
  would have had to pay the consumer loan.
  Otherwise, you may reach retirement age without
  having the home paid for.
• When buying a car, you can sometimes get very
  favorable interest rates or a rebate. It is good
  practice to make sure the benefit of making the
  interest deductible is greater than the benefit
  of the low interest consumer loan.
• If there is any chance of defaulting on the loan,
  the repercussions from defaulting on a home loan
  are far more serious than on consumer debt.

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Contact Us

• Address -147-08 235 Street Rosedale, NY 11422
• Email -info_at_taxreliefrus.com
• Phone - [phone]
• Website - https//www.taxreliefrus.com/