Mortgage and Loan for Windows
I have 2 questions.
1. When I claim my mortgage can I only claim how much I a supposed to pay or can I claim how much I actually pay. By this I mean we owe 700 a month but actually pay 1100. Which number do I use the t/s on. 2. We recently updated the windows in our home. We have a loan for the windows that we will repay monthly. Do I just use t/s on the monthly payment of the windows? And again do I claim what I owe or what I actually pay since we will pay extra on the loan. Thank you so much! |
Mortgage
Originally Posted by Kaylala: 2) You can deduct the time-space % of the loan interest on your window loan. If you replaced less than half of the windows in your home, you can treat the cost as a repair and deduct the cost in one year, using your time-space? If you replaced more than half your windows you must depreciate the cost over 39 years as a home improvement. But, then you can use the 50% bonus depreciation rule and deduct half the depreciation in the first year. |
So how do I figure out the depreciation of the cost of the windows over 39 years we are replacing them all? Also would you mind telling me how to depreciate my home? This is all very confusing to me. An
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windows/home
Originally Posted by Kaylala: Here's an article on how to depreciate your home: http://tomcopelandblog.com/how-to-depreciate-your-home |
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