home equity interest deduction caveat

taxtopia — Tue, 15 Jul 2008 03:08:26 +0000

home equity interest may be deductible as an ordinary and necessary business expense where the home equity indebtedness replaces debt that from a trade or business expenditure. so, refi rate is lower than your rate on borrowed goods for a trade or business, you benefit from the home interest deduction.

the forgiveness provision in the tax code

taxtopia — Tue, 15 Jul 2008 00:13:03 +0000

a lot of people often wonder what happens to the tax liability of astronauts or soldiers who die in action? code section 692 provides provisions for the forgiveness of tax liability under certain circumstances.