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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4526
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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In 2002, I had about $150,000 in mortgage interest on my

Customer Question

In 2002, I had about $150,000 in mortgage interest on my primary residence, but could only apply a small part of it because my income was $28,000. Can I apply some of that un-used mortgage interest to a subsequent year? next year?
Submitted: 9 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 9 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES -- You can certainly do it. The mortgage interest credit is intended to help lower-income individuals afford home ownership. If you qualify, you can claim the credit on Form 8396 each year for part of the home mortgage interest you pay.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 9 months ago.
Are you SURE I can apply it to the next 2016 tax year even though it occurred in 2002?
Customer: replied 9 months ago.
ADMIN.. close, lock, and delete
Expert:  Rakhi Vasavada replied 9 months ago.

Dear Friend,

Hello and welcome again.

I apologize for my delayed reply. I was unwell today.

I am sorry I misread 2002 as 2012. You cannot apply to it as it occurred as way back as 2002. You cannot take it backwards more than 3 years.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,