I am planning on using the Kaiser home loan program where they let me borrow 10% of my home purchase price up to $200000, and the interest is deferred and then forgiven after 10 years, but it says:
TAX REPORTING
? TPMG will report imputed income annually to the Internal Revenue Service (IRS) on the physician’s IRS Form W-2 in an amount equal to the interest deferred during the year.
? TPMG will report secured loan interest paid and/or imputed on IRS Form 1098. The physician should consult a tax advisor to determine eligibility for a mortgage interest deduction. See IRS Publication 936.
? Physicians required to pay deferred interest should consult a tax advisor to determine eligibility for a miscellaneous itemized deduction.
Does that mean the interest that is deferred will be calculated as income? I've included the full brochure as a pdf, if needed.
