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In 2008 I paid off my mortgage which included $20,000 in deferred interest. I am expecting the mortgage company to report it to me on a 1098 form and have contacted them about doing so in early January 2009. Their system had not accounted for it and I have resquested they fix the 1098 before they file it and send it to me. I am still waiting for their response. Is the company required to report it on the 1098 and can I deduct it since it was paid when I sold the house and paid off the balance plus the deferred interest?

Submitted: 305 days and 10 hours ago.

Category: Tax

Value: $15

Status: CLOSED

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Glen XXXXX, XXXXXXXX

Already Tried:
I have contacted the mortgage company to fix the 1098 they had processed and planned to send me. I started this process over the phone on 1/5/09 and subsequently sent them faxes which they said they did not receive. After numerous conversations with them they confirmed they received the faxed letter and were researching the issue. Yesterday they told me I should receive a response on or before 1/22/09. If the answer I expect is not given, meaning they are not reporting it on the 1098 they send me, I want to know what I am entitled to and that I can deduct the deferred interest lump sum payoff at the time I sold my house in 2008 and paid of the mortgage plus deferred interest.

Posted by Jim Revels 305 days and 10 hours ago.

Answer

Thank you for choosing Just Answer. Yes they should be reporting the deferred interest paid if that is what it was. If it was penalties then they do not have to report that amount.

Kindest regards,

305 days and 9 hours ago.

Reply

Is the mortgage company legally required to report the paid deferred interest on the 1098 in the year I paid it?

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid.

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid.

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the extent they (The

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest.

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the extent

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the extent they

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest.

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the extent they

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO

Posted by Jim Revels 305 days and 7 hours ago.

Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. TO the extent they (The IRS)

Accepted Answer

If you paid interest on a mortgage, they are legally required to report the amount paid. You can also list it on return and note that a 1099 was not received for the additional interest. To the extent they (The IRS) questions the amount claimed you can produce the settlement statement depicting the interest paid.

Accepts:
Expert:	Jim Revels
Pos. Feedback:	100.0 %
Answered:	1/22/2009

Certified Public Accountant (CPA)

Providing income tax / planning services for over 16 years on all entity and individual tax issues

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