Refinancing Your Home
Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain Read More
When a mortgage lender receives $600 or more in interest from a borrower, it must file a Form 1098, indicating the amount of interest. Congress recently passed legislation that added some additional information to this information return. Information that must now be included is:
• The amount of the outstanding mortgage principal balance as of the beginning of the calendar year.
• The mortgage origination date
• The address of the property securing the mortgage. Read More
With the economy in the slump it has been for the last several years we are seeing more clients in financial straits. One of the most prevalent results of this economy is repossessions and foreclosures being on the rise. Over the next several days I will explain the ins and outs of this process and how it effects your income taxes.
Let’s start with some definitions:
A foreclosure is the legal process by which a lender deprives the debtor of the property that the loan is secured by. Foreclosure is most often seen in reference to a mortgage on real property. And when talking about foreclosures in this text, unless otherwise identified, you Read More
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