tax deductible: What is Tax Deductible
- 02/11/11 07:49 AM
Owning a house is every American's dream. Hence the Government has given certain benefits to the people to own houses. One such thing is the deduction of tax from interest paid on mortgage loan taken for buying or building homes. This benefit can also be available for a second home or investment property. Substantial improvement of a house or building is also eligible for a tax deduction. Substantial improvement means increasing the value of the home/building, adding facilities for the new owner and prolonging the life of the house. It does not include the repairs that are needed due to wear … (0 comments)
Owning a house is every American's dream. Hence the Government has given certain benefits to the people to own houses. One such thing is the deduction of tax from interest paid on mortgage loan taken for buying or building homes. This benefit can also be available for a second home or investment property. Substantial improvement of a house or building is also eligible for a tax deduction. Substantial improvement means increasing the value of the home/building, adding facilities for the new owner and prolonging the life of the house. It does not include the repairs that are needed due to wear … (0 comments)
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