Is this correct-My bank stated only 13 monthly interest mortgage payments are allowed per year for deduction. Would greatly appreciate assistance w/ IRS code #.

I could not locate IRS code so I know if the bank is correct. Thank you.

posted

Connect with an expert

1 Best answer

Accepted Solutions

They are correct. You can make extra principle payments but you cannot prepay interest. https://www.irs.gov/taxtopics/tc505

2 Replies

They are correct. You can make extra principle payments but you cannot prepay interest. https://www.irs.gov/taxtopics/tc505

Thank you very much.

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Unlock tailored help options in your account.