Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-12-2015, 09:06 PM
Junior Member
 
Join Date: Feb 2015
Posts: 2
Timing - Y/E Interest

I pay my mortgage monthly with automatic bill pay from Bank "A" (Checking) to Bank "B" (Mortgagor). A payment was drafted from Bank "A" on 12/23/14 and the funds were deducted from my checking balance on that date. Before year-end Bank "A" mailed a check to Bank "B" that was ultimately applied to my mortgage on 1/2/15. When I received my 2014 Form 1098 from Bank "B", the interest for that payment was not included because it posted in 2015. Can I deduct that interest payment on Sch. A as 'Home Mortgage Interest Not Reported to you on Form 1098' or do I have to defer the deduction to 2015?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


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

vB 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
llc interest urrterrible For 2013 3 04-19-2014 07:53 PM
Under what conditions can a Partner deduct a loss from a Partnership Interest (or LLC Interest)? TaxGuru Limited Liability Company 0 01-02-2013 08:04 PM
Timing of Income Received bigmacman Capital Gains 2 02-04-2010 08:14 AM
Somewhat double tax:interest from trust investments? Timing on when realized? scarletsupra Trusts and Gift Tax Returns 0 05-29-2009 08:39 AM
Interest in W2 freephoneid Income 1 02-01-2009 10:41 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.