"ritagoldman101[at]yahoo.com" <ritagoldman101[at]yahoo.com> wrote:

- quote -

Yes to both.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

ritagoldman101[at]yahoo.com at ritagoldman101[at]yahoo.com wrote:

- quote -

Yes but Congress is the part to blame, not the IRS.

- quote -

As your AGI rises above certain limits, you begin to lose
parts of all your itemized deductions. Is that what you are
referring to?

All freely provided advice guarantee correct or double your
money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

ritagoldman101[at]yahoo.com wrote:

- quote -

For mortgages taken out after Oct. 13, 1987 to buy, build or
improve your home, yes, this is true. In fact, if you have
any outstanding debt from mortgages taken out before that
date, the $1 million limit is reduced by the amount of those
mortgages.

And interest on home equity loans is only deductible if the
loan is less than $100,000 (for loans after Oct. 13, 1987).

- quote -

Somewhat. Some itemized deductions are limited if adjusted
gross income is more than $142,700. The deductions subject
to the limit include state and local taxes, interest
(including mortgages), charitable contributions and most
miscellaneous deductions.

--
D.F. Manno | dfm2a3l0t2[at]spymac.com
"As democracy is perfected, the office represents, more and more closely,
the inner soul of the people. We move toward a lofty ideal. On some great
and glorious day the plain folks of the land will reach their heart's
desire at last, and the White House will be adorned by a downright moron."
- H. L. Mencken, in the Baltimore Sun, July 26, 1920

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

ritagoldman101[at]yahoo.com writes:

- quote -

Yes.

- quote -

Yes. Well, sorta. It's not your mortgage deduction
specifically that is reduced, it's the total of all your
itemized deductions.

If your adjusted gross income is more than $142,700 (single
or married filing jointly -- yet another marriage penalty
example), then you have to reduce your total itemized
deductions by 3% of the overage to arrive at your allowable
itemized deductions.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

2 "separate, unrelated" tax questions:

I bumped into an accountant who said that

1. Mortgage interest on home loans over $1M (US) is not
deductible per federal tax- IRS rules.

Is this true ?

2. If one's income is over a certain amount ...I am not sure
what the amount is (maybe $ 250,000 in income) then the full
amount of mortgage interest cannot be deducted. It is
abated....is this true ?

Thanks in advance for any reples.

Thanks

Rita

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >