April 2018

Found 2 blog entries for April 2018.

Another change that occurred with the 2018 Tax Law has to do with Home Equity Loans.  Previously the interest on (HELOC) or Second Mortgage could be deducted from your taxes regardless of the reason you used the loan for. The Tax Bill enacted on December 22, 2017, suspended the deduction of Home Equity Loans or Second Mortgage between 2018-2026. 

In order to use the interest deduction on your taxes; the money must be used on your own personal residence or a second home (aka) know as a qualified residence; to buy, improve, or make additions to your personal residence.  Replacing roof, decks, windows, or kitchen and bath renovations qualify for the interest deduction. No longer can you write the interest off if the funds are used for college tuition,

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Private Mortgage Insurance is a protection for lenders when they lend on Conventional loans over 80% loan to value, and on all USDA, FHA and VA loans.  The amount of PMI can range from $100 to $250 or more, depending on the value of your home.

Congress did renew the provision for deducting your Private Mortgage Insurance for the year of 2017.  This means that if you secure a Conventional loan for over 80% of the sales price, and FHA and VA mortgages, you will be able to deduct that premium from your taxes in 2017.  In order to receive a credit for it on your taxes, it must be your personal residence, and not an investment property.  Also, the deduction is phased out for those that earn up to $109,000 in adjusted gross income.

Also, some mortgage

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