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F-One · 02-14-2009, 08:07 AM

I've scanned IRS site and google but can't find the answer to the following:

If end of year (due 1-1-09) mortgage payment is mailed prior to 12-13-08 is that interest deductible even though the mortgage company didn't receive it until after 1-1-09?

Any link to help would be appreciated.

Red_y · 02-14-2009, 10:19 AM

I don't have a definitive answer, just previous experience. I've doubled up mortage payments in the past for December to accelerate the Jan interest payment into the prior year.

To be able to take credit for it on the 1040 Sched A, though, you'd need to mail it early enough to have the mortage company receive it in December so it shows up when they calculate the interest paid in that calendar/tax year on your 1098 slip.

FIRE'd@51 · 02-14-2009, 10:26 AM

The relevant date is the date you sign and mail the check, which has to be by Dec 31, 2008 if you want to take the deduction on your 2008 return. This is also the case for state and local taxes you pay yourself and for charitable deductions. The reception date by the payee is irrelevant. Just be careful not to take the same deduction twice due to the way the mortgage company reports the interest paid (they will report it by their reception date). If you are worried about someone claiming you back-dated a check in an audit, you can always send it certified, so you have a record of when it was actually mailed.