Mortgage Interest Deductions?

If I paid my mortgage payment late and the mortgage company applied it to the loan for months in 2007, but the payment was processed in 2008 can I use them on my 2007 taxes for interest?

Mortgage Interest Deductions?

Claim it for 2007.

The bank will actually claim the interest as income for 2007.

Mortgage Interest Deductions?

Depends. When did you pay it? When did you send in the check controls what year it is applicable for tax purposes. However if you try to claim differently from what the 1099 mortgage interest statement shows, the IRS may question your claims.

Mortgage Interest Deductions?

If the interest was processed in 2008, it will be reported by the mortgage company in 2008 and should not be used in your 2007 tax return.

Mortgage Interest Deductions?

You need to use it for the tax year that the interest was actually paid which was 2008. Your bank should have already sent you a statement of interest and taxes it paid in 2007. Any deviations from this could send you to Auditville.