okay. another scenario. I have two different mortgage lenders..an old one and a new one. If i had both mortgage interests the total is around $10,333.00. I did not include this in my tax. should i make an ammendment? what about rents? i recently received a document for 1400. I feel like an ididot! help!
2007-02-02 17:53:54 · 2 answers · asked by collegegirl 1 in Business & Finance ➔ Personal Finance
It happens all the time when refinancing and when the note holder sells it to another company (the original lender rarely holds your mortgage for long). Definitely file an amended return and get that money back!
2007-02-02 18:03:20 · answer #1 · answered by Brian G 6 · 1⤊ 0⤋
Mortgage interest is NOT a tax credit, it is a deduction, which lowers the amount of tax you owe (you won't get a refund of the total amount of mortgage interest you paid).
Yes, file an amended return. You deserve whatever money is owed you.
In the future, I suggest you pony up for tax software like Quicken or TaxCut. They take you through a series of questions so you don't miss deductions or credits and get the most money back.
2007-02-03 01:03:53 · answer #2 · answered by homeschoolmom 5 · 0⤊ 0⤋