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Advantage Home Equity

Using Home Equity to Your Advantage

What rate of return is the bank paying you for the equity in your home? Zip Zero Zilch! Use the equity to pay off high interest credit cards ...

Here's Where All The Deductions Have Gone

Under the tax reform legislation passed by Congress late last year, several familiar itemized tax deductions have ceased for 2018, such as those for unreimbursed employee business expenses, tax-preparation costs and investment-management fees, personal casualty losses, interest on some home-equity debt and moving expenses, to name a few.

Common itemized deductions for high-net-worth taxpayers have included those for mortgage interest, property and state income taxes, investment fees and charitable donations. “All except charitable contributions can generate alternative minimum tax ,” said John Mezzanotte, managing partner at Marcum in Greenwich, Conn. “With the impact of AMT greatly reduced and the increased joint standard deduction … taxpayers are confused on how to minimize taxes.”

“The biggest confusion is that there’s not really a one-size-fits-all when it comes to losing itemized deductions,” added Brian Stoner, a CPA in Burbank, Calif. For instance, the mortgage interest deduction can be limited to interest on $750,000 in loan balances if your high-net-worth client just purchased a residence, he said.

Do I Need an Accountant This Year? 5 Signs the Answer Is Heck, Yes!

If you sold property in 2017, congrats! There are tons of write-offs currently available to you that a tax pro can make sure you’re taking advantage of. For example, you can deduct any costs you racked up selling your home, including legal fees, escrow fees, home inspection fees, the cost of  title insurance , and your real estate agent's commission, says Joshua Zimmelman , president of Westwood Tax & Consulting in Rockville Centre, NY.

And if you had to do any renovations in order to complete the sale—say, repairing a faulty furnace found during a home inspection—you can deduct those expenses as long as they were made within 90 days of the closing. You can also deduct your 2017 property taxes for the portion of the year that you still owned the home.

And here's another factor to sit and discuss with an accountant:  capital gains , which could mean you owe taxes on the profits from your sale. Under current tax law, homeowners

Any advantage between joint and single home equity lines?

Me and my wife are thinking about it, but not sure if to go with joint or single? What are pros and cons?

TAGS: Mortgages, Home Loan, Bank, Banking, Finance.

It's an equity line. It HAS to be titled at least in the same manner as the house. If the house is a joint ownership then so WILL the loan. They will demand all owners pledge to the loan.