Is the mortgage company supposed to be sending me some sort of year-end statement giving a total of all the interest I paid to them in 2006? Or is it my job to just pull the last statement? (Would that documentation suffcice for the IRS?) HELP!
2007-01-31 18:49:09 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
you should receive a Form 1098 from your mortgage company clearly showing mortgage interest paid for the year, as well as real estate taxes paid. both of these expenses, as well as any points paid are tax deductible on schedule A of form 1040.
if you dont get one, you could always look at the December '06 statement. you should see "interest paid year to date". this will be the amount to use on your tax return.
if you dont have the statement, you can always call the mortgage co./bank and they will give you this information over the phone.
2007-01-31 20:04:15 · answer #1 · answered by tma 6 · 0⤊ 0⤋
Your mortgage company will send you a statement for all interest and taxes paid for the year, taxes are a deduction also. Also any escrow remaining for the year should be listed.
They still have a few days, everything was due OUT on 31 jan. mail may take a few days. then call them.
2007-01-31 18:59:50 · answer #2 · answered by Carl P 7 · 0⤊ 0⤋
The mortgage company will send you a Form 1098 with the information that you need. They are allowed to send you a substitute statement in lieu of the actual Form 1098 but it will state that it is a substitute for Form 1098.
2007-01-31 23:07:05 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Your mortgage company should send you tax information either in your January statement, your February statement, or under separate cover. There is a specific IRS form that needs be filled out by your mortgagor.
The way I strongly suggest claiming the deduction is by taking your taxes to a CPA. S/he knows tax law better than you do, and can look out for pitfalls, problems, and loopholes that may save your trouble and decrease your tax liability.
2007-01-31 18:58:03 · answer #4 · answered by kx_wx 3 · 0⤊ 2⤋
it ought to probable be best to have one man or woman take all the deductions and the different man or woman purely take the classic deduction. to substantiate that you to take any of the deductions, you ought to itemize, meaning you lose the classic deduction. Your best generic tax refund should be for the guy with the better income to itemize and take all the residing house appropriate deductions, and the different man or woman purely take the classic deduction.
2016-12-03 07:41:21 · answer #5 · answered by ? 4 · 0⤊ 0⤋