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Re: How much is owed to you on the loan?
- To: http://www.juno.com/~w1few (Richard), http://www.gmail.com/~w1fewa (Richard), http://www.juno.com/~bhavaniowl (Bhavani), http://www.gmail.com/~bhavaniowl (Bhavani)
- Subject: Re: How much is owed to you on the loan?
- From: http://dummy.us.eu.org/robert (Robert)
- Date: Sun, 31 Jan 2021 09:42:21 -0800
- Cc: http://www..family/~flora (Flora E ), http://www.vermont.gov/~flora. (Flora E ), http://profiles.yahoo.com/Flora (Flora E ), http://www.gmail.com/~flora (Flora E ), http://dummy.us.eu.org/noelleg (Noelle)
> From: http://dummy.us.eu.org/robert (Robert)
> Date: Tue, 08 Oct 2019 21:35:18 -0700
>
> Just FYI: I will continue to pay taxes on assumed income from interest on
> the loan up to the termination date of the year 2025.
Just to re-iterate what we discussed on a recent family conference, I will
not be assuming any annual interest income on the home loan on my taxes
and will instead pay a lump sum in taxes when your house is sold, based on
the pay-out of $46,800.
(I think this will be easier to explain to the IRS, whereas trying to
convince the IRA to deduct the assumed annual interest income from the
lump sum payment at the end will be much more difficult.)