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Borrowed for your home downpayment? You may miss out on the interest deduction!

It is not uncommon for individuals to loan money to relatives to help them buy a home.  In these situations, it is also not uncommon for a loan to be undocumented or documented by an unsecured note, with the unintended result that the home buyer can’t claim a tax deduction for the interest paid to their helpful relative. 

 

If it involves real estate, it's always a good idea to make sure everything is well documented, particularly when it involves close family, and you want a tax deduction.

 

Call us and we talk about whether this affects you.

 

Copyright 2014 by Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in keeping his clients OnTrack with bookkeeping, tax, and payroll services for a fixed monthly fee. Learn more about Steve's exclusive SIX Step system developed for small businesses at www.appletreebusiness.com/map.


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