I had refianced my mortgage with another lender, and did not receive their tax document until after i filed my income tax. To make matters worse, i noticed that my tax preparer did not include my new lenders mortgage interest which was $2,415.11. Should I look to ammend this situation? Do I have to file my mortgage tax? Help!
2007-02-02 17:25:08 · 4 answers · asked by collegegirl 1 in Business & Finance ➔ Renting & Real Estate
Any interest that you have paid on your mortgage is considered tax deductible and it would be in your best interest to file a correction. You don't pay a mortgage tax as you paid tax on the property when you purchased so you won't end up owing anything more. Go back to your tax preparer and point out that they missed that interest. They should be willing to rectify the mistake at no cost to you and you may end up getting back more or owing less than you otherwise thought. Good Luck!
2007-02-02 17:31:22 · answer #1 · answered by Brandie 2 · 1⤊ 0⤋
There should be a contact huge style on the CP59 letter. call them and tell them that your income grow to be decrease than the filing requirement volume for 2007 and for this reason you probably did not report. If their information say in the different case they're going to grant copies of a transcript that shows what they imagine that you earned. do not forget that unemployment comp IS taxable so in the journey that your unemployment grow to be better than the filing requirement volume on your filing status for 2007 ($8,750 in case you've been unmarried) then you absolutely are required to report a go back. that is available that the loan pastime 1098 brought with regard to the CP59 letter. allowing them to understand that you survived on mark downs and unemployment and earned decrease than the filing requirement volume should be adequate. If it really is not, purely flow ahead and report a go back and record in spite of your pastime income and unemployment income were, educate no tax legal duty if it really is the case, and they're going to close the report.
2016-12-03 09:34:39 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You will definitely want to file an amended tax return. I think it is called a 1040X. Look at it as finding about $500!
2007-02-02 17:37:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You don't have to file it. But you are the loser if you don't. File a 1040X and a copy of your amended return. That interest is deductible. Make sure to deduct any loan fees or points too!
2007-02-02 17:44:06 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋