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I had interest on a loan for 2007 but the actual ...

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I had interest on a...
I had interest on a loan for 2007 but the actual payment for the interest was not disbused until January 10 2008 thus did not receive a 1098-E. Can that interest be claimed as a deduction for 2007?
Submitted: 9 years ago.Category: Tax
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Answered in 6 minutes by:
3/1/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Since you did not pay the interest in 2007, you cannot claim this as a deduction for 2007.

See link below for detailed information-

http://www.irs.gov/taxtopics/tc456.html

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
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