Do I get any tax benefits if I get a loan with an interest payment?
Date: Sun, 04/10/2005 - 06:56
Do I get any tax benefits if I get a loan with an interest payment?
So the question is do I get any tax benefits if I get a loan w/ an interest payment versus continuing transferring my debt around to credit card companies?
Any suggestions would be helpful
Icfrivolity
No
Quote:
So the question is do I get any tax benefits if I get a loan w/ an interest payment versus continuing transferring my debt around to credit card companies? |
You will not get a tax benefit, if you are going for a debt reduction it will be counted as an income and you may have to pay extra taxes for it.
Vikas
No tax benefits unless you can get a home equity line of credit
No tax benefits unless you can get a home equity line of credit to pay off your credit card debt or you refinance your home and use a portion of the money to pay off your debt, if that's an option for you.
While "jumping around" from 0% interest card to 0% interest card may save you some money, consider how it may look to a lender down the road. Plus, you'll have several accounts open with an available credit limit; as long as you don't have too many open accounts that's fine. You don't want to limit your credit too severely. Also, developing a solid history with a creditor is always a good idea.
Sandy
United Christian Financial
800-537-4970 x 808
Thanks Sandy for the valuable information Regards Roxette
Thanks Sandy for the valuable information
Regards
Roxette
