Can mortgage interest be carried forward?

7 ⤊

Can mortgage interest be carried forward?

I won't benefit from deducting mortgage interest this year. Can it be carried forward to future returns?

2007-12-05 06:24:34 · 4 answers · asked by dale h 2 in Business & Finance ➔ Taxes ➔ United States

4 answers

No.

However, if you just bought the house and some of the interest is points, the points can be taken either in the first year as an itemized deduction or prorated over the life of the loan.

2007-12-05 06:29:40 · answer #1 · answered by Anonymous · 3⤊ 0⤋

Well that is a new one. Good Try but you can not do it.

2007-12-05 12:21:31 · answer #2 · answered by Gary 5 · 0⤊ 0⤋

No, it can only be claimed in the year it's paid.

2007-12-05 08:25:15 · answer #3 · answered by Judy 7 · 1⤊ 0⤋

No. Good try though.

2007-12-05 06:29:06 · answer #4 · answered by spicertax 5 · 3⤊ 0⤋