New tax rules are creating confusion
Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to you and the IRS using Form 1098, it no longer means all the interest and points reported on these statements are tax deductible. Here's what you need to know.
With all the buying and selling homes in the past year, being aware of the tax consequences is more important than ever. For each Form 1098 you receive, make a note on the form to explain what the loan is for to ensure a proper deduction.
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Mia Verc, CPA; Janice Papais, CPA
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To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!