December 2022
Beginner to intermediate
464 pages
12h 7m
English
Content preview from J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition
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CHAPTER 11Borrowing and Interest
With the higher inflation, it seems that every paycheck is stretched to the limit. We often choose or are forced to rely on credit to pay for the things we want or need. Whether you are a borrower or a lender, you may be eligible for tax breaks with respect to certain loan activities.
While interest on credit cards for consumer purchases is not deductible, interest on certain other borrowing is tax favored, as explained in this chapter. For more information, see IRS Publication 550, Investment Income and Expenses, and IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.
Home Mortgage Interest
If you are a homeowner repaying a mortgage, you can deduct the interest portion of your payments. There is no dollar limit on how much interest you can deduct. However, the law limits the amount of borrowing you can take into account in figuring your deductible interest on loans taken after October 14, ...
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