Actual JP Morgenthau Wrote:
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> Whatwas Whatis Wrote:
> --------------------------------------------------
> -----
> > None of your off-point blabber changes the fact
> that only
> > interest that's directly associated with loans
> in whatever
> > form that are used to “...buy, build, or
> substantially
> > improve the taxpayer’s home" are deductible.
>
> Pay attention, moron. Most (if not all) home
> equity lines end up holding mixed balances that
> generate both deductible and non-deductible
> interest, It is the borrower who tracks the
> inventory of those balances and applies periodic
> repayments to the reduction of one or the other.
> Neither the lender nor the IRS has any means of
> tracking such things, so as long as even scribbled
> contemporaneous records are kept the
> borrower/taxayer will not be challenged.
Uhhh... Yes, they do. It's called an audit. And, yes, they are challenged. They say show us the records to support that this deduction is valid. You either can or cannot. If you cannot show that the interest expenses are valid under the law, then deduction denied. Very simple.
>
> > Rather than throwing out form numbers trying to
> > appear that you know what you're talking about
> > maybe you should read this instead:
>
> LOL! You mean the article entitled
Interest on
> Home Equity Loans Often Still Deductible Under New
> Law ??? Yeah, I already knew that. And the
> form numbers of course confuse you because you
> have never had a need to use any of them. Dope.
Yes. And if you'd read it then you'd see the reason why it says "still" in the title. That being because they changed the dollar limits and removed the ability to deduct other interest expenses beyond those directly associated with the primary residence. "Still" doesn't mean that you still can deduct non-home-related interest expenses:
Quote
Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.
The form numbers are not confusing. You including them unnecessarily in your posts is not impressive in any way. It's just the kind of thing that bullshitting blowhards like you do.
Once AGAIN, you don't know WTF you're talking about.