Message Font: Serif | Sans-Serif
No. of Recommendations: 1
since the prepayment penalty was counted as interest, is the full amount of $9000 deductable on Schedule A, or do we need to remove the prepayment portion and only deduct $4000 on Schedule A?

It's all interest reported on the "1098" line of the Schedule A. BTW, I mention no names and make no charges, but make sure you total both 1098's when making your entries on Schedule A. Not like someone who'll go unnamed who forgot to include both the year he refinanced.

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.