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Level 2

Question

Can I and should I amend our taxes?

Forum|Forum|3 years ago
December 28, 2022
8 replies
17 views

We paid over $10k in interest when we purchased our home from a family member. should I amend? I didn’t claim because I never received an official tax form from the bank just a settlement.

TurboTax Deluxe Online

Level 15

@Cheilman - the prorated interest on the settlement is NEVER on the tax form received from the mortgage servicer. You can certainly deduct the interest listed on the settlement statement, subject to any rules related to mortgages over $750,000 ( how big was this mortgage - $10,000 is a lot for a partial month).

Level 15

did your family member finance your purchase and now you are paying them interest?

that's deductible. BUT you must be able to itemize and end up with more than the standard deduction.

Level 2

No we purchased from them they had an IO and were 7 months behind.