Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
sadoeyes
New Member

Can I deduct a late fees accessed on mortgage payments?

 
1 Best answer

Accepted Solutions
Marketstar
Level 7

Can I deduct a late fees accessed on mortgage payments?

Yes, you can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loam

View solution in original post

6 Replies
Marketstar
Level 7

Can I deduct a late fees accessed on mortgage payments?

Yes, you can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loam

benseverin
New Member

Can I deduct a late fees accessed on mortgage payments?

So where do you enter it on turbo tax?  It was paid as reflected on a closing statement when the mortgage was paid off, but not included on the 1098 form
Marketstar
Level 7

Can I deduct a late fees accessed on mortgage payments?

A late fee or prepayment penalty?
Marketstar
Level 7

Can I deduct a late fees accessed on mortgage payments?

Special Situations

This section describes certain items that can be included as home mortgage interest and others that can't. It also describes certain special situations that may affect your deduction.

Late payment charge on mortgage payment.

You can deduct as home mortgage interest a late payment charge if it wasn't for a specific service performed in connection with your mortgage loan.

Mortgage prepayment penalty.

If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty isn't for a specific service performed or cost incurred in connection with your mortgage loan.

https://www.irs.gov/publications/p936


jrdigg1
Returning Member

Can I deduct a late fees accessed on mortgage payments?

Are property Inspection fees connected to late payments tax deductible/ and if so how do I categorize it.

 

My rental property mortgage was delinquent for several moths and in addition to the late fee I was charged for  a Property inspection.

DaveF1006
Employee Tax Expert

Can I deduct a late fees accessed on mortgage payments?

Yes, property inspection fees can be deductible as a maintenance expense. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v