I bought my first home at the end of Aug. 2003. When comparing the standard deduction for my wife and me to the total of my itemized deductions (including mortgage interest) it's pretty much a break even. One of my co-workers had told me that I can defer this interest deduction until next year (basically claiming 16 months of interest deduction in 2004) and that this has to do with the fact that I'm a first time homeowner - however, this doesn't sound right to me. Please let me know whether or not I can defer this interest deduction.
I have no idea as to your question, but you might try asking on the tax board for more help:http://boards.fool.com/Messages.asp?bid=100155
Sounds like bad tax advice to me.
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