Can you save your mortgage interest for next years taxes?
April 28th, 2010 | 
Author: I hаνе 4 finance interest form 1098, аnd іf I саn wait іn anticipation οf next year іt wіll benefit mе. If I υѕе thеm now, I’m јυѕt exposure thеm іf dοеѕ nοt exchange mу out-come аt аll.
Posted in Mortgage FAQ
You have to use them for the year you paid the interest. You cannot carry them foreword
You should absolutely save those 1098s. Reason number one is if your software were to crash. It does happen, and, for some reason, particularly with turbotax and kiplinger, the information in the icons gets wiped out and replugging the disk doesn’t help. It’s crazy, but it happens, and not rarely.
The second reason is you have documents to back up your deduction if the IRS should inquiry. It appears from what you are saying is that you cannot itemize. May be you had significant employee business expenses but did not save your total admission money. Better luck next time, because you CANNOT carry forward the finance interest deduction.
The third reason is you have “hard copy” to refer to. I practiced taxes before as an enrolled agent and I saw bank 1098s that didn’t look right. I told the client to phone the bank. So many times, the interest stated seems too low. The following year, you have the copies to refer back to. It’s always best to have a safe, dry place to store your past taxes, along with the total admission money, diaries and citations.
If you paid your finance interest in 2007 then you can only use it for your 2007 taxes. By the way, finance interest can be claimed for your principal residence and one other property. Just two. Real Estate taxes can be claimed for all properties.
You must claim them in the year paid. All 4 may not be deductible.
No you can’t, you can only deduct them in the year the interest was really paid. It sounds like you don’t have sufficient itemized deductions this year to be more than your standard deduction – that’s why they GIVE you a standard deduction, to make up for the expenses up to that amount.