Discussion:Prepaid Penalty-Mortgage Loan
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Discussion Forum Index --> Tax Questions --> Prepaid Penalty-Mortgage Loan
| 9 March 2007 | |
| Pub 936 page 4, Special Situations, Mortgage Prepayment Penalty, states "If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty is not for A SPECIFIC SERVICE PERFORMED OR COST INCURRED IN CONNECTION WITH YOUR MORTGAGE LOAN"
Does anyone have an idea of an example that describes what each circumstance listed would be? JOE K | |
| 10 March 2007 | |
| If the prepayment penalty paragraph is in the original mortgage contract then it is deductible interest if the mortgage is paid off early. taxea | |
| 10 March 2007 | |
| Rev. Rul. 57-198 | |
| 11 March 2007 | |
| Had a 1098 come thru from HFC and it included the prepayment as Interest.Would have taken it anyway | |
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