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Peter Bordes

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Serial Entrepreneur, Founder, Seed/Venture Investor, Co-founder, Chairman oneQube, TruVest.co, Trajectory Capital. Board of Directors Beasley Media (NASDAQ:BBGI), Fraud.net, OCEARCH.org

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There Are Tax Benefits With Home Ownership

To foster and encourage this dream, Congress has consistently enacted -- or preserved -- tax legislation which favors homeowners. Thus, if in year 2018, your lender held in escrow moneys for taxes due in 2019, you cannot take a deduction for these taxes when you file your 2018 tax return. Mortgage Interest. Interest on mortgage loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. The additional $80,000 that you took out of your equity does not qualify as acquisition indebtedness, but since it is under $100,000, it qualifies as a home equity loan. Several years ago, the Internal Revenue Service ruled that one does not have to take out a separate home equity loan to qualify for this aspect of the tax deduction. However, if you had borrowed $200,000, you would only be able to deduct interest on $195,000 of your loan -- the $95,000 acquisition indebtedness, plus the $100,000 home equity. Points. Points paid to a lender when you refinance your current mortgage are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan. For example, you paid $1700 in points for a 30 year loan.