I know this benefits the tax payer if I were to report this, but what if I don't want the benefit? Do I have to report it? Are these interest statements sent to the IRS?
2007-11-20 09:11:06 · 9 answers · asked by Tracy L 1 in Business & Finance ➔ Personal Finance
no!!!
2007-11-24 00:43:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The IRS does receive a copy of the same mortgage interest statement as you do. They will NEVER audit anyone for failing to claim a deduction. Failing to report INCOME will get you in trouble, but ignoring DEDUCTIONS is fine with the government.
2007-11-20 11:08:36 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
There is something illogical here. Why would you omit a valid tax deduction and pay more tax than you owe? The interest you pay is reported to you and the IRS on a Form 1098. There is no requirement for you to itemize deduction; you can take the standard deduction. The IRS will not care that you are willing to pay more tax than necessary.
2007-11-20 09:18:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I found that if your deductions do not exceed the standard deduction it does not matter. Your still better off taking the standard deduction.
2017-04-18 10:48:24 · answer #4 · answered by Casey 1 · 0⤊ 0⤋
Feel free to leave your money sitting on the table if you want to (it is YOUR money), but we'll laugh at you!
Are you looking for a job? Can I hire you? I'd love some employees who said "Do we HAVE TO take our whole paycheck this week? Can't we just let you keep some of it?"
LOL!
Just take the standard deduction if you are too lazy to do the paperwork!
2007-11-20 10:11:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
in the USA mortgage interest payments are tax deductible.
If you want to pay too much tax, the government is not going to stop you.
2007-11-20 09:16:27 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Why would you not want to take all the deductions you can?. This will save you money on your return. Most people are making up and creating things to deduct and you are questioning using it????
2007-11-20 09:19:27 · answer #7 · answered by Lyn B 6 · 0⤊ 0⤋
I don't see why you would want to NOT report it ??
2007-11-20 09:15:26 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you are able to split it, besides the undeniable fact that it is greater advantageous for one guy or woman to declare the comprehensive subject (the extensive-unfold guy or woman) and artwork out a handle the different (i.e. pay greater of the costs for the maintenance, or pay money out of pocket to the different guy or woman).
2016-11-12 05:41:02 · answer #9 · answered by rimpel 4 · 0⤊ 0⤋
of course not, but you'd be a fool not to
2007-11-20 09:18:03 · answer #10 · answered by tuberk768 5 · 0⤊ 0⤋