Teresa B asked:


regqarding a trustee sale, can the lender keep you from claiming the interest paid on mortage

Annette

3 Responses to “interest only loan is the total amount deductible?”

1. kevin c on August 19th, 2009 10:29 am

   Brad

   total intrest is deductable if you itemize.

2. Beyounce on August 19th, 2009 2:51 pm

   Curtis

   If you actually paid …….. No they can’t.
   It’s your’s to have and to hold (question)
   If you are broke, what does it matter.

   Some people attempt to deduct interest that they should have paid during the default period, but didn’t actually fork out and IRS ain’t buying it.

   Oh yes. In some cases the IRS will come after you for the amount, if the property is sold with equity to you.

3. engineer50 on August 20th, 2009 7:57 pm

   Monica

   The lender must send you a statement of interest paid every year. Lenders have no control over your tax return; that is your responsibility.

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