Interest - Itemized Deduction

No. Pre-paid business or investment interest must be amortized over the life of the loan. It may not be deducted in full in the year pre-paid.

Interest on loans to buy tax-exempt securities are not deductible.

The amount may be either fully, partially, or non-deductible.
The margin account investment interest expense is limited to the amount of net investment income, plus any elected amount of net capital gains from the sale of investment property such as stocks or mutual funds.
Generally, investment income is gross income from property held for investment, such as interest, ordinary dividends, royalties, or annuities. Limited investment interest in excess of investment income not deducted in the current year may be carried over to future years.
It is not lost. The deductible amount is figured on IRS Form 4952. Speak to your local CPA for the deductibility and possible elected amount of the net capital gain from investment property.

Generally yes. If you refinance the same amount of your old mortgage existing balance with a new mortgage, then the mortgage interest is fully deductible.
If you refinance your home mortgage for more than the existing balance, then the deductibility depends on the amount financed and the use of the funds.
If the excess funds are used to build, buy or substantially improve your first or second home, then it is considered a Home Acquisition debt.
If the excess is used for other purposes, such as paying off credit card debt, for a car loan or paying for your child's education, then it is considered Home Equity debt.
There is a $100,000 (50,000 for MFS)maximum Home Equity debt interest allowed limitation and a 1 million (500,000 MFS) maximum Home Acquisition debt interest allowed limitation. The deduction will be claimed as a Schedule A mortgage interest itemized deduction.
The total itemized deductions claimed may also be limited based on your Adjusted Gross Income. Points paid on a refinance are amortized over the life of the new mortgage. Speak to your local CPA about the deductibility of the refinanced mortgage interest.

Yes. The penalty you paid for pre-payment of your mortgage is deductible as mortgage interest on IRS Schedule A.

Yes. You may claim interest on acquisition or home equity debt loans on residences. A residence includes a house, condominium, cooperative apartment, houseboat, mobile home or house trailer that has sleeping, cooking, and toilet facilities.
The deduction is allowed on IRS Schedule A.

No. Interest on personal loans such as car and credit card loans are not deductible. Home mortgage loans and interest for loans for business purposes are deductible.

When certain criteria are met, Interest on a boat loan are deductible as a second home subject to the mortgage interest rules.
The boat must have basic living accomodations, such as toilet facilities, sleeping space and cooking facilities.

The $2,500 maximum deduction for interest paid on student loans begins to phase out for a married taxpayers filing a joint returns at $125,000 and phases out completely at $155,000,
For single taxpayers, the phase out range is between $60,000-$75,000 .
If the following 5 criteria apply, then up to $2500 is deductible, Your filing status is not "married filing separately";
You are not claimed as a dependent on someone else's return such as your parents;
You paid interest on a qualified student loan; The payments were during the first 60 months that payments were required to be made;
Your modified income was less than the specific amounts ($150,000 filing status married filing joint and $75,000 single, H of H and qualifying widower). For filing status married filing joint MAGI of $120,000 through $150,000, a phase-out occurs and more than $150,000 no deduction is allowed.
For filing status not married filing joint MAGI of $60,000 through $75,000, a phase-out occurs and more than $75,000 no deduction is allowed.