Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<< 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. 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? >>

< Andy,

You don't say how you made your mortgage payment. You may have made it on the 29th, but it
may not have credited to your account until after January 1. I wouldn't try and divide what you
think the interest is over 1998 and 1999. Just file it as a lesson learned and next time make the
payment in early December.

I did mine in mid-December and Bank of America had no problem including mine on my year-end
1098. >


I did receive a year end statement from my bank, where the payment does show up. But they purposely subtracted the interest for the January payment from my total 1998 interest paid.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.