A home equity line of credit is a secured loan, which uses the borrower’s home as collateral, and allows the borrower to draw funds as needed and offers various repayment option at variable interest rates.
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
With the average cost of a higher education increasing, families often find that they need assistance to pay for their children’s education. If a student does not qualify for scholarships or grants, the next source for funds is an education loan. Currently, over 50% of financial aid comes in the form of loans.
Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.