Writing off interest

[budwilson]

Originally Posted by wildtoad

The Canadians have it right.

What's right about it?

[Mr_D]

Originally Posted by Jim2

Funny how people read the same words differently. I read it as a Canadian who knew the Canadian tax rules. But was curious what the US tax rules were, after seeing different replies in other posts about the subject.

That's the way I read it too and posted what I did as clarification of US laws.

[luckyd]

Yes, I am a Canadian that knows our rules....AND....
was curious about the rules in the States.

Thank you

[Dennis Dean]

Originally Posted by Steverino

You learn something new every day. I should have kept the note on my MH and paid off the car instead...

Go get a new note on the MH and use it to pay off the car !!! LOL
( that a joke, before someone says that is fraud....)

[Steady_Rest]

If you forgo the std deduction and itemize to get the interest deduction, in reality you won't be writing off much interest. Especially if you have few other deductions. Since the std deduction is $6300 per individual or $12,600 for a couple, you have to climb that hill before pulling ahead on the deal for deducting interest.