Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Another Tax Question
Old 02-14-2009, 09:07 AM   #1
Recycles dryer sheets
Join Date: Feb 2006
Posts: 223
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.
F-One is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-14-2009, 11:19 AM   #2
Recycles dryer sheets
Red_y's Avatar
Join Date: Aug 2004
Posts: 77
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.
Red_y is offline   Reply With Quote
Old 02-14-2009, 11:26 AM   #3
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
Join Date: Aug 2006
Posts: 2,433
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.
FIRE'd@51 is offline   Reply With Quote
Old 02-14-2009, 12:08 PM   #4
Moderator Emeritus
Martha's Avatar
Join Date: Feb 2004
Location: minnesota
Posts: 13,227
Yes, we tend to write and mail a bunch of checks December 31 of each year.

No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 02-14-2009, 01:59 PM   #5
Recycles dryer sheets
Join Date: Feb 2006
Posts: 223
Thanks to all for the reply - now I've got to talk to the mortgage company
F-One is offline   Reply With Quote
Old 02-14-2009, 03:13 PM   #6
Thinks s/he gets paid by the post
OAG's Avatar
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
Originally Posted by F-One View Post
Thanks to all for the reply - now I've got to talk to the mortgage company
Corrected 1098?
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax Question cardude FIRE and Money 15 02-11-2009 09:16 PM
Tax question freddyw FIRE and Money 3 09-11-2008 06:21 AM
Tax question brewer12345 FIRE and Money 32 12-17-2006 11:22 AM
Tax Question 2B Other topics 15 04-16-2006 01:33 PM
Tax Question wabmester FIRE and Money 2 04-05-2006 05:13 PM

» Quick Links

All times are GMT -6. The time now is 01:47 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.