Sep 5
I lost my car to a payday loan. Can I deduct that on my taxes?
Posted on Saturday, September 5, 2009 in United States
urbutlergirl asked:
I live in Illiois. I couldn’t repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
Marilyn
I live in Illiois. I couldn’t repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
Marilyn
Jun 14
Yet another tax question! Do I need to claim my payday loan on my taxes?
Posted on Saturday, June 14, 2008 in United States
cozmikdolphin asked:
I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?
Carolyn
I was in desperate need, so I applied and received a payday loan. Do I need to claim this on my taxes, since it might be considered a source of income?
Carolyn
May 12
Is a loss from a personal loan the same tax category as a loss from stock investments?
Posted on Monday, May 12, 2008 in United States
Jan R asked:
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
Norma
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
Norma
Mar 30
If I consolidate my student loan with a personal loan can I still write off the interest?
Posted on Sunday, March 30, 2008 in United States
MLE asked:
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Barry
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Barry
Mar 7
Can personal loan interest be tax deductible if you use the loan to buy property?
Posted on Friday, March 7, 2008 in United States
gabyrig asked:
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
Gilbert