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luna1
New Member

Where do I deduct mortgage late fees?

 
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MichaelDC
New Member

Where do I deduct mortgage late fees?

According to IRS you can deduct late fees on a mortgage as below from the IRS website:

"Late payment charge on mortgage payment.   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 loan"

http://www.irs.gov/publications/p936/ar02.html

This would be as an addition to your mortgage interest from that lender.

Follow these steps

  1. Open (continue) your tax return.
    (To do this, sign in to TurboTax and click the orange 
    Take me to my return button.)
  2. In the search box, search for the exact phrase real estate, taxes (include the comma and space) and then click the "Jump to" link in the search results.
  3. Select Edit beside your lender
  4. Select Continue and answer the questions and hange the figures as necessary

Important - Check the box marked "The interest amount I entered here is different from what's on my 1098."




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