Discussion:Prepayment penalty included in Form 1098?
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Discussion Forum Index --> Basic Tax Questions --> Prepayment penalty included in Form 1098?
Discussion Forum Index --> Tax Questions --> Prepayment penalty included in Form 1098?
| 16 March 2008 | |
| Client refied home in 2007. Closing statement shows old loan balance payoff, interest through closing date (which I know is included in the 1098), and prepayment penalty of $2013.14. I expect Wachovia included that prepayment penalty in the 1098.
Do most of you expect that it is included in the 1098, or do you spend time (possibly fruitless) trying to call and find out? | |
| 16 March 2008 | |
| you can probably do the math and figure it out. what was the rate on the old loan and the loan balance refi'd. it won't be exact but you'd be able to tell if they threw in a couple thousand dollars extra.
I would say that is will definitely be there as it's only back end interest. | |
| March 16, 2008 | |
| It is supposed to be in the F 1098 - that being said, I've found that about half of the time it isn't. So you do need to do some searching/mathing as 94nole says.
I love the mortgage companies (and clients) that have the detail with the F 1098 detailing the transactions for the year. Should be required IMHO. | |
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