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Can you save your mortgage interest for next years taxes?

I have 4 mortgage interest form 1098, and if I can wait until next year it will benefit me. If I use them now, I'm just reporting them if does not change my out-come at all.

5 Answers

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  • 1 decade ago
    Favorite Answer

    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 question. 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 receipts. Better luck next time, because you CANNOT carry forward the mortgage 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 receipts, diaries and documentation.

    Source(s): www.irs.gov http://nextaxpro.spaces.live.com/
  • Gary
    Lv 5
    1 decade ago

    If you paid your mortgage interest in 2007 then you can only use it for your 2007 taxes. By the way, mortgage interest can be claimed for your principal residence and one other property. Just two. Real Estate taxes can be claimed for all properties.

  • Judy
    Lv 7
    1 decade ago

    No you can't, you can only deduct them in the year the interest was actually paid. It sounds like you don't have enough 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.

  • 1 decade ago

    You must claim them in the year paid. All 4 may not be deductible.

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  • Mark S
    Lv 5
    1 decade ago

    You have to use them for the year you paid the interest. You cannot carry them foreword

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