Mortgage Interest

[momtoroxy]

I know this might be the wrong folder, but here goes.

We were discharged on 1/19/10. We included the house in BK, but we are still in the house and have not heard a peep from Chase about foreclosure proceedings. We did pay Jan-Oct of 2009. I should be able to deduct the interest I DID pay, correct? I have yet to receive a 1099 from them.

Thanks!

[aces67]

I would think so since you did actually pay those payments but I'd double check with your lawyer or tax person just to be sure.

[helpmeout]

As long as you actually paid the mortgage interest, you can claim it on your taxes. I claimed all of mine for 2009 as I paid all of it. You can also claim the property taxes that you actually paid.

[BCA2009]

As long as you actually paid the mortgage interest, you can claim it on your taxes. I claimed all of mine for 2009 as I paid all of it. You can also claim the property taxes that you actually paid.

I agree.

[momtoroxy]

Ok cool! I have not received anything from Chase yet, and was worried they would not send it since my bk was just discharged and i've missed payments!

[bkpain]

I had the same problem with a short sale last year, they sent no interest statement and I called and requested it 2 times. My accountant ended up figuring out "approx." how much I paid and used those figures on the tax return. But they made sure to send be the 1099 showing the forgiven debt and since it was a 2nd part-time residence I had to pay taxes on it!

[iv65536]

If I don't get the one 1098 I am missing, I will simply deduct interest I paid on that loan based on my amortization calculations.

[JJ888]

I have a first and a second mortgage. I stop paying July 2009. I received my 1098 statement for my second mortgage. You'll receive it soon. As far as I know they're required by law to send it by the end of January.

[HHM]

Correct, if you itemize your deduction, you may deduct the interest your actually paid on your mortgage.

[CCsAreEvil]

Received 1098 from 1st (CitiMortgage) but not one from 2nd (Chase). I wonder if Chase just doesn't send them out on BK'd loans.

[momtoroxy]

It seems like, by law they would have to! I hope to get it this week. Along with a W2 from one of hubbys jobs this year, so we can file our taxes!

[momtoroxy]

So, is it ok to look at the mortgage statement from my last payment (October) and go off of "year-to-date" values? I also pay a PMI, which is easy to calculate. I will just do that, I guess. Irritated that Chase didn't send something...unless I get it this week! I will wait until the end of the week to file to be safe.

[Tweeby]

I received our 1098 from Chase today. Hope all of yours come quickly.

[momtoroxy]

Good to know, Tweeby. Is your load in default? Just curious if I should get mine, or only people who are current received them. Hopefully I will, I am ready to file!

[Tweeby]

Not current in the mortgage at all. Chase is our 1st mortgage. They have not filed at the courthouse for foreclosure yet, they did ask for a relief of stay.