In this episode, Dr. Friday delves into the intricacies of mortgage interest deductions. With standard deductions on the rise, many find it challenging to meet the threshold. But did you know the purpose of your equity lines or lines of credit can influence your tax deductions? Whether you’re paying off student loans, consolidating credit card debt, or buying a second home, understanding the nuances can make a significant difference. Tune in for this insightful one-minute moment and ensure you’re not missing out on potential tax benefits.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Remember mortgage interest may be tax deductible and I say maybe because of the standard deductions now being so high many people have a difficult time actually meeting them but if you do have a mortgage the question is do you have a second because depending on the interest paid on your equity lines or lines of credit are deductible based on it was it tied to the house was it actually used in the house or did you pay off student loans or pay off credit card debt and then use it to consolidate or buy a second home with that line of credit if you did it is no longer a tax deduction against that home you need help 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.