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Search: "Mortgage interest"

 
 

Asked 11/13/2009 12:01 pm CT (Alexandria, VA)

I am preparing tax return and looking a 1098 in Box 1 has $61,000 of mortgage interest but in the detail of payments has only about $20,000K of interest. The house was sold during year and mortgage paid off - around $485K balance on loan and it was a Conv Jumbo PayOption ARM..Question: Why the difference and is the $60K of interest correct. Thanks.

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Asked 01/24/2008 04:29 pm CT (Lampasas, TX)

I received a Form 1098 for a timeshare property we are currently paying on. It is deeded property. Can I use the Mortgage Interest paid as a deduction on my tax return?

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Erin - While I'm not a CPA and recommend that you consult one, my wife and I own membership in a Tim...

[ Total Answers: 1 ]

 
 

Asked 01/02/2008 12:27 pm CT (Berkley, MI)

My fiance and I bought a house last year, with both of our names on the mortgage and title. We pay the mortgage/property taxes out of a joint account that is only used for housing expenses. Obviously, we would like to deduct the interest expense for taxes this year. The mortgage company only sent us one tax form with the total mortgage interest paid. When filing our taxes what are our options for deducting the interest since we cannot file jointly? Can I take the entire deduction or does it have to be split 50:50. If it has to be split 50:50, does the mortgage company need to send us two forms with the mortgage interest split in two or can we just divide it ourselves?

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Mike, this is a great question. I would suggest speaking with your tax preparer as this is ultimatel...

[ Total Answers: 1 ]