We bought our house in 2001 and we cant write off the interest how does that work?

Answer 1

To write off the interest you have to itemize your taxes. Depending on the time of year you bought it, you may not have paid enough interest to make it worthwhile and are better off with a standard deduction.

Answer 2

If you bought your house in 2001, writing off interest would had to be done in tax years 2002, 2003, 2004, 2005, and 2006 to qualify for deductions for those tax years. If you had not claimed the home interest deduction in those years, then you missed that opportunity unless you file a 1040X (amended return for each of those years). It is said that filing a 1040X can increase the odds of an audit. I would strongly suggest seeing a CPA before making any major tax planning decisions.

Answer 3

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Answer 4

Never heard of Not being able to itemize mortgage % .
Everyone I know is able to itemize it , although , the new standard deduction is sometimes higher than the itemized way ,
So some do opt to just so standard .
( but they could use the mortgage % if they wanted a lower refund )

Your question has insufficient info to give a viable answer .

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Answer 5

You can write off the interest on your 1040 if you itemize.

Answer 6

There is something missing!