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During a divorce I took over a home loan. Now 7 years later during a payoff of the loan the mortgage holder told me that I didn't qualify for the previous interest rate, adjusted the rate and it cost me $12,000 in extra interest that I paid in 1997. Now the mortgage holder has sent me new 1098 reflecting what the interest would have been in each of the previous years and says I can't deduct the interest in the year that I paid it.
Anyone know if this is true? I'm a cash basis taxpayer.
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