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Article: CONSIDER CONSOLIDATING YOUR DEBTS INTO HOME EQUITY LOAN FOR TAXES
- Article from:
- THE JOURNAL RECORD
- Article date:
- November 13, 1987
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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The tax reform act phases out the deduction for personal interest
payments, such as interest on car loans or credit-card balances for
personal expenditures. You can deduct 65 percent of your personal
interest payments for 1987, 40 percent for 1988, 20 percent for 1989
and 10 percent for 1990. The deduction is completely gone after
1990. But that's only part of the story.
You also must keep in mind this key point: the change applies to
interest on personal debts you had before 1986 as well as new debts
you took on later.
However, there is a way you can continue to deduct the full
interest paid on personal debts in 1987, 1988 and for years to come.
If you have outstanding debts, from ...