A lesson from Trump’s personal attorney, just in time for tax season
by Michelle Singletary of the Washington Post The hullabaloo involving President Trump’s personal attorney Michael Cohen is a good time to remind you of a key change in the tax deductibility of home-equity loans. Cohen has said that he tapped his own home’s equity to facilitate the $130,000 payment in 2016 to adult film star […]
Are you single and own an expensive house? You may want to stay that way!
Last week, the US Circuit of Appeals changed the way we treat the mortgage interest deduction for co-borrowers of expensive houses. The mortgage interest deduction is a key tax deduction for Americans. The rules around the mortgage interest deduction are: You can deduct interest on up to $1.1million of loans The home has to be […]