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How to Deduct Charitable Contributions
How to Get Tax-Free Profit From Your Rental Home
How to Deduct Home Equity Loan Interest
How to Deduct Home Mortgage Loan Interest
How to Determine What the IRS Considers a Charitable Contribution
How to Write a Check to the IRS
How to Deduct the Cost of a Vehicle Used in Business
How to Avoid an IRS Audit
How to Give Tax-Free Gifts
How to Deduct Home Improvements
How to Meet the IRS Definition of a Dependent
How to Report Tax Evasion
How to Report Taxable Inheritance Income
How to Spend 2008 IRS Tax Rebate Checks
How to Find Out When Your 2008 IRS Rebate Check is Coming
How to Find an Auditor
How to Get Your Financial Statement Audit Started
How to Prepare Your Tax Information for Your CPA
How to Avoid Paying Too Much For Your Financial Statement Audit
How to Lower Your Audit Risk
A home equity loan can be the perfect answer for a person with little income and a large amount of debt. H… More
Equity is basically the amount of a home that is not leveraged by a mortgage. Learn about the differences … More
Using home equity, which is calculated by the value minus the mortgage balance, can be done by applying fo… More
If you're a homeowner, your mailbox is most likely consistently flooded with offers for home equity loans.… More
The rules of home equity loans include not extracting all of the equity on a house, getting the home to ap… More
Using an equity loan to pay off debt is a last resort for those who desperately need the loan. Pay off deb… More
Many seek home equity loans to finance home improvements or to consolidate debt. Here is an easy way to es… More
Ways to build equity include paying home loans on time every month and hoping the housing market value goe… More
Shopping for home equity loans is an important process for a homeowner. Differences in interest rates and … More
Home equity loans (often referred to as second mortgages in situations where the borrower has a primary mo… More
A home equity loan is a line of credit based on your home's value. It is often a much more affordable opti… More
To deduct home equity loan interest from a tax return, a 1098 form is required as well as a 1040. Understa… More
Do you need extra cash to pay off high interest credit card debts? Do you want to make a few home improvem… More
Home equity loans can serve some wonderful purposes, but their interest rates can often make the differenc… More
Summary: To deduct home equity loan interest from a tax return, a 1098 form is required as well as a 1040. Understand all the requirements for deducting home equity loan interest from personal taxes safely and legally with tips from an experienced tax professional in this free video on taxes.
Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young. Loughran was also responsible for internal controls...read more
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"Have you ever wondered how exactly to deduct your home equity loan interest? Well, there's no trick to this one. My name is Danielle Loughran. I'm a CPA with Accell, and I'm here to talk to you about how to deduct your home equity loan interest. It's really rather simple. There's a form called 1098, that you'll get mailed to you, and on the first line of the form, it's going to show you how much mortgage interest you paid during the year. That's the amount that you want to deduct. Now, there's a couple of other boxes on this form, and the form actually has instructions for each one of these. This is the most common one, and then when you get this number, what you need to do, is use your tax form, and you want to go to Schedule A, on your 1040, and input that information. Make sure that you keep the original copy of the Form 1098, with your tax return, and then keep a copy for yourself, just in case something happened. Now, I don't think it gets much simpler than that. Let's go over it one more time. Form 1098, Box 1. That's your number. Put it on Schedule A, of your Form 1040. My name is Danielle, with Accell, and I hope I've helped you learn how to deduct your mortgage interest."
eHow Article: How to Deduct Home Equity Loan Interest
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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