Wednesday, November 23, 2011

Can I claim mortgage interest paid in 2007 on this years taxes?

It wasnt enough to claim on last years taxes and someone told me I could use it this year.ThanksCan I claim mortgage interest paid in 2007 on this years taxes?
I do think there's some kind of provision that says something like, if you had excessive mortgage interest that you couldn't write off the year before (like if you had more than a $1 million mortgage), it can carry over to the next year. I had this discussion with my tax preparer last year. But, I can't remember what the exact stipulation was.





Contact a tax preparer if you're doing itemized deductions. I pay my accountant $300 a year to prepare my taxes, and he's has saved me many times over what I pay him each year. And, all I have to do is provide him with the documentation. He then just updates the data in his laptop and it's done within a couple hours.Can I claim mortgage interest paid in 2007 on this years taxes?
No, you cannot.
No, you cannot. You can only use as a deduction for 2008 any mortgage interest actually paid within calendar 2008. If you did not have sufficient interest paid to deduct in 2007, it's history.

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