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Asked 12/3/2007
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Mortagage interest only loans Standard parent w/kids get back $4500 on tax return> yearly income is $17,000. my second job is not taxable> i pay mortage (interest only) 30,000 at the end of the year.
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Answer 1/2 - Submitted 12/8/2007
I'm not sure what kind of tax breaks you get on an interest only house loan. Because you are only paying the interest you will never build up any equity in the house until you sell the house for a profit. I'm not sure how the IRS would view that.
How is your second job not taxable? You are taxed based on your total income in a year, not if one job is under $3,000 a year. I think you will need to be paying taxes on that job, unless it is all under the table.
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