Also, in Turbo Tax for the 1098 form, there is no place to enter amounts for line 4. The instructions on the form say refer to Pub. 936 or Itemized Deduction Recoveries in Pub. 525. and that I may need to include this as 'other income' in my 1040, as I may have gotten a credit on itemized deductions in last years return and it was not to be granted.
In checking my 2017 return, I did not take any deduction for this interest in 2017. I think it was because I was accumulating interest expense against a loan but if I paid off within 6 months, the interest would be refunded. But I never claimed it as a deduction anyway.
So how do I report this 1098, or should i not report it on my 2018 tax return?
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If you did not use the interest on your 2017 tax return, save it with your tax file but do not report it.
If, for some reason, this does draw a red flag with the IRS, they will match it to your 2017 return. If you never claimed it as a deduction, you don't claim it as income or a recaptured credit.
If you did not use the interest on your 2017 tax return, save it with your tax file but do not report it.
If, for some reason, this does draw a red flag with the IRS, they will match it to your 2017 return. If you never claimed it as a deduction, you don't claim it as income or a recaptured credit.
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