I’m being told by my morgage broker that yes it is. Since i’m legally obligated to pay that money back that I can deduct it. I have over 15k in deferred interest and make a huge difference in my return. Anyone know about this or has anyone deducted this on there returns.
2 Comment(s)
If the interest is deferred, you can only deduct it when it is actually PAID. Without knowing what you did, I cannot tell you exactly where you stand.
The only solid fact is that the interest MUST be paid in the year in which you intend to deduct same. The fact that the interest is out there and must be paid eventually is irrelevant.
If the interest is deferred, you can only deduct it when it is actually PAID. Without knowing what you did, I cannot tell you exactly where you stand.
The only solid fact is that the interest MUST be paid in the year in which you intend to deduct same. The fact that the interest is out there and must be paid eventually is irrelevant.
acermill | Jun 6, 2009 | Reply
No.
The interest must be Paid to be deductible.
Wayne Z | Jun 7, 2009 | Reply