D
drduffuss
Guest
What is the name of your state? california.
I have a question about tax form 1098 pertaining to Mortgage interest. I want to be sure that I am getting my deduction for the points that I paid for obtaining my first and second mortgage loans. I paid these points when i opened these loans in 2001. Since then I have refinanced the first and paid off the second mortgage with a new Home equity line of credit (HELOC). However, when I recieved my new forms 1098 for tax year 2002, I did not see any $ in the box for points paid on purchase of residence. I did have these points reflected on the 2001 forms. I think I deducted these points from my 2001 income tax filing. But, what about this year? Am i correct when I say that these points sometimes are amortized over the length of the loan and since I have closed out my two original loans; shouldn't I benefit this year by taking the full deductions from paying all those points in both loans. Or did I already reap all the benefits I could get out of it when I filed in 2001. So far, I have taken the initative to transfer those points from 2001 forms 1098 to this years 2002 form 1098 even thou those new lenders' 1098 forms have a zero amount in the points paid box. Is this a no-no? And I think this may cause an audit if the numbers don't match up with the ones sent to the IRS. Please advise me on this.
I have a question about tax form 1098 pertaining to Mortgage interest. I want to be sure that I am getting my deduction for the points that I paid for obtaining my first and second mortgage loans. I paid these points when i opened these loans in 2001. Since then I have refinanced the first and paid off the second mortgage with a new Home equity line of credit (HELOC). However, when I recieved my new forms 1098 for tax year 2002, I did not see any $ in the box for points paid on purchase of residence. I did have these points reflected on the 2001 forms. I think I deducted these points from my 2001 income tax filing. But, what about this year? Am i correct when I say that these points sometimes are amortized over the length of the loan and since I have closed out my two original loans; shouldn't I benefit this year by taking the full deductions from paying all those points in both loans. Or did I already reap all the benefits I could get out of it when I filed in 2001. So far, I have taken the initative to transfer those points from 2001 forms 1098 to this years 2002 form 1098 even thou those new lenders' 1098 forms have a zero amount in the points paid box. Is this a no-no? And I think this may cause an audit if the numbers don't match up with the ones sent to the IRS. Please advise me on this.