can you claim home equity loan interest from 2005 on your 2006 income tax if you did not claim on 2005 taxes?

Answer 1

Why not? It qualifies as a mortgage interest deduction. Just the fact that you may have neglected to claim it on your 2005 return has no bearing on the 2006 return, besides if there had been no balance owed in 2005 there would not have been any interest to claim.

If you find it woud have worked to your advantage to claim it in 2005 then you should file an amended return.

Answer 2

On your 2006 return, you can only claim what was paid in 2006. If you didn't claim it on your 2005 return but it would have benefitted you to do so, you can amend your 2005 return. If you didn't claim it then because your itemized deductions for 2005 were lower than the standard deduction, then you don't claim it at all.

Answer 3

you may't declare pastime paid in 2005 on your 2006 tax go back. Did you've a tax criminal duty in 2005? if so, then the pupil loan pastime deduction will decrease your 2005 tax criminal duty. report an modification for 2005 and get a compensation of the tax overpayment. in case you probably did not owe any taxes for 2005, then there is not any aspect in filing an modification.

Answer 4

You claim the deduction in the year you paid the loan interest.

You're also not allowed to deduct any excess loan interest if you prepay more of the loan in a year though prepaying the loan itself has no other tax consequence.

Remember that the loan interest, from mortgage companies and banks, are reported to the IRS on Form 1098 which is then matched against your social security number on your tax return.

If you under- or over-report the interest, the IRS will know!

Answer 5

You can only claim it in the year it's paid. You can only deduct on your 2006 taxes the amount you paid in 2006.

Answer 6

I would say "NO". I believe you would have to file an amended 2005 return. Call an IRS office and ask. You don't have to give your name.