I purchased a house in late 2006, and haven't yet made enough interest payments to justify itemizing deductions instead of taking a standard deduction. I've already waited to pay property taxes until this first month of 2007, so i can claim two tax pmts this year, but can i do the same with mortgage interest? I'd like to add the interest paid last year to this year's interest if possible.
2007-01-08 09:24:55 · 4 answers · asked by Dustin S 1 in Business & Finance ➔ Taxes ➔ United States
NOPE...but...
Make your December 06 payment in January and your January 08 payment in Dec 07 and deduct 14 months of interest in 07.
Same with taxes.
The WealthBuilder
2007-01-08 11:18:13 · answer #1 · answered by WealthBuilder 4 · 0⤊ 0⤋
No.
If you don't have enough to itemize in 2006 then the deduction for the interest paid in 2006 is lost.
The one exception are points paid at closing. You can elect to amortize them over the life of the loan thereby getting a small deduction every year instead of losing them.
2007-01-08 17:48:43 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
No
2007-01-09 10:53:20 · answer #3 · answered by growing inside 5 · 0⤊ 0⤋
Nope, you can't, but thanks for asking!
2007-01-08 17:56:21 · answer #4 · answered by Freddie 3 · 0⤊ 0⤋