my mortgage company sent a tax statement showing a much lower amount of mortgage interest paid than what the monthly statement shows. I called and they said this is because i made more than 13 mortgage payments and i can't deduct interest on more than 13 payments.
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Any interest paid and applied to your mortgage in the current year is allowed as a deduction. However, see the "prepaid interest" note below from the IRS.
If you payments are designated for future months there is a limit to the amount you can deduct.
IRS Publication 936-Home
Mortgage Deduction (Click the link for more information)
Any interest paid and applied to your mortgage in the current year is allowed as a deduction. However, see the "prepaid interest" note below from the IRS.
If you payments are designated for future months there is a limit to the amount you can deduct.
IRS Publication 936-Home
Mortgage Deduction (Click the link for more information)
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