Can I claim pre penalty on taxes?

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Can I claim pre penalty on taxes?

2007-05-15 10:42:39 · 3 answers · asked by ricaydulce669 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Do you mean pre-payment penalty?

Pre-payment penalties on mortgages are considered interest and are deductible on your schedule A as normal. Usually, this amount is included in your interest on your 1098 so be carefull not to deduct it twice.

2007-05-15 10:53:53 · answer #1 · answered by Wayne Z 7 · 3⤊ 0⤋

yes, its considered pre-paid interest as long as its on a primary residence. I had one on my refinance for 4500 and my accountant took care of it.

2007-05-15 17:51:21 · answer #2 · answered by soldonjerry 2 · 2⤊ 0⤋

I don't think so.

2007-05-15 17:50:59 · answer #3 · answered by dpwhitewolf 2 · 0⤊ 2⤋