Learn about home equity loan interest and other deductions with this presentation from ForeclosureDeals.com. Find out if you owe less tax than you think you do.

1. Home Equity
Loan Interest
and Other
Deductions
Contents
We all have to pay income tax. However, there
Introduction...…………………………….1
is no reason to pay more than Uncle Sam
IRS Standard Deduction……………..2
expects. There are many legal ways to limit
how much you pay. Did you know that you The Most Important Deductions..2
could deduct home equity loan interest from The Most Important Deductions..3
taxable income, and perhaps pay less tax than
you thought? Here is how it works.

2. 2
IRS Standard Deduction
The Inland Revenue Service automatically allows a standard
deduction. The amounts for 2010, 2011 are $10,700 if
married and filing jointly, $7.850 if claiming head of
household status, but only $5, 350 if single, or married and
filing separately.
If your allowable deductions are higher than the norm, then
you can claim that amount instead. If not, accept Uncle Sam’s
generosity with thanks.
The Most Important Deductions
Mortgage Interest – You may reduce your taxable income by
the full amount of interest you paid during the year concerned
on your prime residence.
Home Equity Loan Interest – The same principle applies to
the interest you paid on a home equity loan.
State and Property Taxes – Uncle Sam does not expect you to
pay double income tax, and these are deductible too.
What’s does that mean?
For more terms and definitions,
check out ForeclosureDeals.com’s
Charitable Contributions – You may also deduct
glossary page:
http://www.foreclosuredeals.com/G contributions made to listed charities. Check out the official list
lossary.php
first, though – not every charity qualifies.

3. 3 To stake your claim and pay less tax (if your allowable
deductions exceed your standard rate), request a Schedule
Foreclosure Deals a Form, and complete it as required.
12550 Biscayne Blvd, Suite 306
Miami, FL 33181
FAX: 1-347-402-6620
Contact@foreclosuredeals.com
Won’t it feel great to discover that you owe less tax than
If it’s not a deal, we won’t list it here!
you thought, after you claimed deductions like mortgage
Find us on the Web:
http://www.ForeclosureDeals.com/ and home equity loan interest? At ForeclosureDeals.com,
we like to make homes as affordable as possible. We hope
you found this information useful too.