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02-14-2009, 08:07 AM
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#1
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Recycles dryer sheets
Join Date: Feb 2006
Posts: 223
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Another Tax Question
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.
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02-14-2009, 10:19 AM
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#2
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Recycles dryer sheets
Join Date: Aug 2004
Posts: 77
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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.
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02-14-2009, 10:26 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
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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.
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02-14-2009, 11:08 AM
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#4
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Yes, we tend to write and mail a bunch of checks December 31 of each year.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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02-14-2009, 12:59 PM
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#5
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Recycles dryer sheets
Join Date: Feb 2006
Posts: 223
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Thanks to all for the reply - now I've got to talk to the mortgage company
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02-14-2009, 02:13 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Quote:
Originally Posted by F-One
Thanks to all for the reply - now I've got to talk to the mortgage company
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Corrected 1098?
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Vietnam Veteran, CW4 USA, Retired 1979
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