[[I made my mortgage payment, that was due on 1/15/99 on 12/29/98, assuming that I will be able to take the interest deduction for that payment on my 98 Taxes.]]Maybe...in theory...[[ But when I received my statment from the bank, they had subtracted that interest amount from my 1998 total interest. I thought since I paid in 1998 I would be able to take the deduction in 1998? Am I wrong?]]I don't know what your loan documents actually say. They may have treated your "extra" payment as a principal reduction rather than your January payment. If this wasn't explained when you made the payment, it is VERY possible that the mortgage company screwed it up. There is no question that you can make your January payment early, and deduct the interest. The problem is that the mortgage company really has the control in this issue. So you'll really have to call them and deal with them on this issue. You may be able to convince them that they applies the payment incorrectly, and get done what you would like to get done.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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