The Tax Court last week ruled against celebrity psychiatrist Dr. Charles Sophy and his domestic partner Bruce Voss in a case regarding the allowable amount of deduction for mortgage interest. Tax law allows a deduction for mortgage interest on up to $1.1 million of debt on up to two homes. In this case, Sophy and […]
In this economy, more people are looking at renting a home or apartment instead of buying a home. While my primary focus is on taxes, there is always much more to consider than just tax consequences: Can you afford it? This is the single most important question to answer. Regardless of the available tax deductions, […]
If you own a home, you can deduct interest of up to $1 million on acquisition debt (usually your mortgage) and another $100,000 of home equity debt (a line of credit, for example). Interest on amounts borrowed over $1.1 million is not deductible. A couple from New Mexico tried to get around the $1.1 limit […]
