Ask Experts Questions for FREE Help !
Ask
    dchamp1061's Avatar
    dchamp1061 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 13, 2007, 04:47 PM
    Itemizing
    Can you itemize interest an taxes from 2005 on your 2006 if you didn't in 2005
    I did have enough to itemize in 2005 an don't want to loose out on what I've paid in interest
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 13, 2007, 05:44 PM
    You can only itemize taxes and mortgage interest PAID in 2006 on your 2006 tax return.

    If you failed to claim these deductions for 2005 because you did not have enough to exceed the standard deductions, then you lose the deductions UNLESS the mortgage interest is points and/or loan origination fees, in which case they can be amortized over the life of the loan.

    Sorry!

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.



View more questions Search