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Itemized Deductions Schedule-A


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Old 03-24-2013, 07:09 PM
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VA Funding deduction

I closed on my house in 2008 and had a 3.3% VA Funding fee applied at closing, which was rolled up in the financing because I had 0% down. I was not aware until now that this fee was deductible. On Dec 21, 2012 I refinanced and did not have any VA Funding fee applied. Can I take the deduction in 2012 for the VA Funding fee applied in 2008, since that mortgage has been paid off?



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Old 03-24-2013, 09:03 PM
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“Can I take the deduction in 2012 for the VA Funding fee applied in 2008, since that mortgage has been paid off?”========>No; you need to file amended 2008 return , not 21012 return, to claim VA funding fee applied in 2008 ; the VA funding fee is tax deductible. However, the borrower must have closed on his loan in 2008 to take the deduction;however, The IRS limits the amount of time you have to request a refund for an overpayment of tax. Refund requests for tax years that you did not file a tax return will be rejected. You must file a claim for a tax refund by the later of three years from the date you file the tax return or within two years of paying the tax. If you do not make the claim within this time frame, the IRS has the authority to reject the refund request.



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