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Can you get away with taking the loan origination fee on a refinance on your taxes?

Banks — Thu, 04 Feb 2010 16:03:35 +0000

I know your supposed to extend it over the life of the loan but has anyone ever tried this and got away with it. I know its wrong but the IRS ***** and I don’t care. I just was wondering if I would get a letter if I took the whole amount?Submited by:Michael V

Is a loan from a relative to purchase property tax deductable?

Banks — Wed, 27 Jan 2010 20:43:09 +0000

I am about to ask a relative for a loan to purchase a land parcel for a future home site. I am going to pay back the loan plus interest just as if it were from a financial institution. Is the interest tax deductible? What paperwork would we have to draw up? What forms would be required? Would he/she have to pay income tax on the earnings?

By: Michael S

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What happens if I paid off my entire student loan but they still applied my tax rebate to it?

Banks — Wed, 06 Jan 2010 23:04:33 +0000

Misty Mcbinterbost Mcbontoppy asked:

I paid off my entire defaulted student loan at the beginning of this month. I even received a paid in full letter. But today I just got a letter from the IRS that my $600 was applied to that loan by offset!! Apparently there wasn’t enough time between when I paid off the loan and then getting my rebate. I just tried to call the Missouri Department of Education, which my loan is through, but they are closed for the day. Does anyone know if I can get my $600 back???

If I consolidate my student loan with a personal loan can I still write off the interest?

Banks — Wed, 06 Jan 2010 18:57:23 +0000

I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?Submited by:MLE

How can a loan dept take your intire tax refund,for a loan you never got the opportunity to use?

Banks — Tue, 05 Jan 2010 22:00:26 +0000

I was approved for a student loan back in 2005. I only attended class for 4 days when I was in a car wreck and called the school to let them know I would not be able to come back due to physical injuries..So my question what do I need to do to retrieve my tax refund.Submited by:J.Crews

How will a discharged student loan affect my federal tax return?

Banks — Sun, 25 Oct 2009 19:49:10 +0000

Can the federal government take my tax return if my student loan has been discharged due to a disability.Submited by:bren62wil

What differentiates a Fed-member bank from a state chartered bank?

Banks — Sat, 19 Sep 2009 07:30:43 +0000

Michael A asked:

Are there specific benefits to a bank being a Fed-member bank?

Is a loss from a personal loan the same tax category as a loss from stock investments?

Banks — Fri, 10 Jul 2009 14:05:35 +0000

I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!

By: Jan R

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