GREETINGS FROM VERNA ACKER
REALTY EXECUTIVES Elite
414.534.7400
FOR YOUR INFORMATION:
Real Estate Information from Western Racine County; Waterford, WI 53185
Newsletter, February 11, 2002

TABLE OF CONTENTS:
Most Homeowners Qualify for Tax Deductions

ACCORDING TO EDITH LANK, real estate question and answer columnist: Milwaukee Journal Sentinel, 2/10/02

Question:
“Every time you [Edith Lank], or others, mention taking a deduction on one's federal income tax of the interest paid on a home-equity loan, there seem to be qualifications such as “within limits” or “sometimes.” Can you clarify this?”

Answer:
“Actually, I don't usually bother to say “within limits” because the limits don't apply to most of us. You've probably seen that phrase in ads by lending institutions that put it in to cover themselves. Here are the rules, which apply, of course, only to those who don't choose to take a standard deduction:

Taxpayers may take as an itemized deduction all mortgage interest paid on up to $1 million worth of borrowing to buy or improve one or two homes. They can also deduct interest on additional borrowing of up to $100,000 against one's own residences (second mortgages, home-equity loans), no matter what the money is used for. You can see most of us don't have to worry about exceeding those limits.”

GREETINGS FROM VERNA ACKER
REALTY EXECUTIVES Elite
414.534.7400
FOR YOUR INFORMATION:
Real Estate Information from Western Racine County; Waterford, WI 53185