I am wondering if I can declare deferred mortgage interest on my 2006 federal income taxes. If so what section do I put it in? Do I just add the interest and the deferred interest together and enter it into the mortgage interest deductions section?
2007-01-23 02:48:48 · 3 answers · asked by albion53151 3 in Business & Finance ➔ Taxes ➔ United States
But I did pay the deferred interest, it was added to the principal of my load so technically I've paid it.
I think I am going to go to H&R Block this year.
2007-01-25 03:34:28 · update #1
You can only deduct what you actually paid.
2007-01-23 03:32:04 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
You should receive a 1098 from the mortgage company within the next couple of weeks (or you may be able to download it).
It will show the mortgage interest paid in 2006.
Enter this amount as an itemized deduction on Schedule A.
2007-01-23 02:54:56 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
I am struggling with this same question myself. I had been told that I could, but then my 1098 doesn't include it and my tax guy is saying that I can't yet my mortgage guy is saying I can. Is there documentation indicating that you can or cant anywhere? I should be able to because I will pay it at some point ...
2007-01-24 09:15:21 · answer #3 · answered by Shaun C 1 · 0⤊ 0⤋