H
haidozo1
Guest
What is the name of your state? Texas
My Question:
Can I file IRS form 8396 if I am away from my primary residence for 'military necessity' (assignment to another country/state)?
Please email me if you have the written guidance on this!
-- IRS Form 8396, it states, "Enter the address of you main home
to which the qualified mortgage certification relates, if it is different from the address shown on form 1040"
-- My being called away for years at a time has not changed my
primary residence (I have no other interest in any other real estate or MCC programs), as I have not purchased any other home or have other MCCs, etc.
Not even the company/agency/organization who issued me the MCC can tell me if I'm allowed to take this credit while called away from my primary residence for military necessity. I found nothing in the tax codes even closely related to what I'm looking for (everything is so loosely translated) and nothing else on line.
The PRESIDENT of the company issuing the MCC simply wrote a very vague response to my question
---------
"The rules governing use of the MCC require that the home be the residence of the borrower in order to claim the credit. I am unaware of any special provision for military personnel. However, you might address your question to a knowledgeable tax consultant."
---------
I have searched everywhere for MCC information related to military members called to serve outside of the state where they have an MCC for Mortgage Interest Credit on their primary residence - nothing.
The purpose of the MCC is to assist me in owning a home - that is,
the ability to pay the mortgage on my primary residence. My being called away for years at a time does not change my ability to pay my mortgage.
I haven't used the credit for a number of years, since I was assigned to Japan, because I was afraid of having the money 'recaptured' and being placed into a debt I can't get out of. However, I have read and re-read what a primary residence is and I believe I am still allowed to claim this credit.
Can I still take the credit and file tax amendments?
I want to file a 1040X to amend my previous years' taxes.
Thank you. I greatly appreciate any assistance you can provide
me - or direction to someone who can.
My Question:
Can I file IRS form 8396 if I am away from my primary residence for 'military necessity' (assignment to another country/state)?
Please email me if you have the written guidance on this!
-- IRS Form 8396, it states, "Enter the address of you main home
to which the qualified mortgage certification relates, if it is different from the address shown on form 1040"
-- My being called away for years at a time has not changed my
primary residence (I have no other interest in any other real estate or MCC programs), as I have not purchased any other home or have other MCCs, etc.
Not even the company/agency/organization who issued me the MCC can tell me if I'm allowed to take this credit while called away from my primary residence for military necessity. I found nothing in the tax codes even closely related to what I'm looking for (everything is so loosely translated) and nothing else on line.
The PRESIDENT of the company issuing the MCC simply wrote a very vague response to my question
---------
"The rules governing use of the MCC require that the home be the residence of the borrower in order to claim the credit. I am unaware of any special provision for military personnel. However, you might address your question to a knowledgeable tax consultant."
---------
I have searched everywhere for MCC information related to military members called to serve outside of the state where they have an MCC for Mortgage Interest Credit on their primary residence - nothing.
The purpose of the MCC is to assist me in owning a home - that is,
the ability to pay the mortgage on my primary residence. My being called away for years at a time does not change my ability to pay my mortgage.
I haven't used the credit for a number of years, since I was assigned to Japan, because I was afraid of having the money 'recaptured' and being placed into a debt I can't get out of. However, I have read and re-read what a primary residence is and I believe I am still allowed to claim this credit.
Can I still take the credit and file tax amendments?
I want to file a 1040X to amend my previous years' taxes.
Thank you. I greatly appreciate any assistance you can provide
me - or direction to someone who can.