imjulier Posted February 9, 2010 Report Posted February 9, 2010 I haven't had this before so just am not sure. Client has a reverse mortgage which they receive a statement for that includes interest amounts. Yet no 1098 for mortgage interest is issued. Is this interest deductible? Thanks, Julie Quote
kcjenkins Posted February 9, 2010 Report Posted February 9, 2010 No, because they did not pay it, it was just accrued. Quote
imjulier Posted February 9, 2010 Author Report Posted February 9, 2010 Yep, found it after I had posted here. Makes sense that its deductible when paid since most taxpayers are cash basis. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.