Wednesday, November 23, 2011

How can I check to see if my mortgage interest was properly deducted on my return last year?

Last year I moved and I'm paying an interest only mortgage. It was my understanding that I would receive more money on my return. I actually ended up receiving less than previous years. This year I did a preview with Turbotax and it shows that I'm getting back a substantial amount more. How can I check last years return to see if the mortgage interest was properly calculated on last year's return?How can I check to see if my mortgage interest was properly deducted on my return last year?
Look at last year's tax return, Schedule A. Check out the amounts. Financially, not a good decision to have an interest only mortgage, particularly in this housing market. Make some principal payments.How can I check to see if my mortgage interest was properly deducted on my return last year?
Check your previous return against that year's 1099-INT.

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