Auto And Home Tax Write-Offs You Never Knew About. » Mortgage Masters Group

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by Leaf Group. Home Guides;. such as the often-used property tax deduction, as well as the mortgage interest deduction.. "Who Gets a Tax Write-Off if the Owner Holds the Deed to a Mortgage.

The IRS usually doesn’t care who your lender is. If you own a house and have a loan on it that meets the IRS’s definition of a mortgage, you should be able to deduct your interest. If you’re the owner doing the financing, you can also write off the interest that you pay on the house, although the process is different.

That legislation eliminated a section of the federal tax code authorizing interest write-offs. on how you use the money you borrow. Taxpayers can "often still deduct interest on a home-equity loan,

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Hiring a bookkeeper to help you with this aspect of your business is a write-off and, if you use an accounting firm to file your taxes, you can write off that expense. General write-offs

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