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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My trustee sent a report of receipts and disbursements for

Customer Question

my trustee sent a report of receipts and disbursements for 2015. payments where paid for secured arrearage- for daily simple interest I also received a 1098 from my mortgage company, these payment where not posted to the 1098 are these payments tax deductable
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  RONB-ESQ replied 1 year ago.
Hello my name is ***** ***** I am a licensed attorney. I welcome you to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. The question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms. Hi could you confirm a couple things. I am presuming this is for a Chapter 13 Bankruptcy filing and the interest is part of your ongoing CH13 payments to the trustee. Please correct me if this is wrong. Is there some interest on the 1098, but you believe it to be inaccurate in that it does not appear to include the interest if any that was paid through the trustee? If you could answer these questions it would help me better answer your question.
Customer: replied 1 year ago.
to answer your questions; these are payments paid on my CH 13 payments which are now paid in full. Based on the printout from the mortgage company these payments are not listed I also have a copy of copy of Mortgage Proof of Claim Attachment and based on trustee receipts and disbursements. all outstanding balances on the item is paid in full with a list of all monthly payments,for 2015 These payments are specify as Daily simple Interest on late charges. on the proof of claim attachment
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  RONB-ESQ replied 1 year ago.
The website has indicated to me that you have requested a phone call. I will send you that offer and am happy to handle over the phone. If there was a mistake and you prefer to continue here that is fine as well just let me know.
Customer: replied 1 year ago.
ron i cant afford the price sorry
Expert:  RONB-ESQ replied 1 year ago.
No problem it may have been the website doing that automatically I am happy to continue here. The simple answer is yes you are entitled to deduct all mortgage interest paid, property taxes and homeowner's insurance if the last two are held in escrow by your lender then they should report all of them on the 1098. You can refer to this IRS publication If the issue is that you believe the 1098 to be incorrect then you should contact the lender, but if they do not assist then you may be able to obtain assistance through the IRS. You might clarify for me if you received a 1098 that you believe is wrong or if you did not receive a 1098 and then you also need to confirm that you would be using schedule A and itemizing your deductions as it would be irrelevant if you don't itemize.