Any tax people here?

[Thrak]

Thanks!

I paid it to the mortgage company @ the closing... it is listed on a 1098-Mortgage that I received from them.

That in the pdf is what I dont understand. I refinanced, so is it MIP that I paid "in connection with home acquisition debt that was secured by" my house. To me that seems like it would be a new house/purchase not a refi.

Also, once they sold the mortgage to BOA, my monthly payments include a MIP payment, and that is also listed on a 1098-Mort from them. Am I able to add them together?

The difference in my return is literally double.... I may have to just call the IRS or something, cuz its confusing. I read online that some people are taking what they paid at closing, dividing by the term of the loan (30yrs in my case) and taking that amount on their 09 return, then the same every year after... but that doesnt seem right to me.

[Whee]

Originally Posted by Thrak

Thanks!

I paid it to the mortgage company @ the closing... it is listed on a 1098-Mortgage that I received from them.

That in the pdf is what I dont understand. I refinanced, so is it MIP that I paid "in connection with home acquisition debt that was secured by" my house. To me that seems like it would be a new house/purchase not a refi.

Also, once they sold the mortgage to BOA, my monthly payments include a MIP payment, and that is also listed on a 1098-Mort from them. Am I able to add them together?

The difference in my return is literally double.... I may have to just call the IRS or something, cuz its confusing. I read online that some people are taking what they paid at closing, dividing by the term of the loan (30yrs in my case) and taking that amount on their 09 return, then the same every year after... but that doesnt seem right to me.

The IRS will be hard to get an answer from this time of year. I would suggest finding am H&R Block Premium office in your area. (I spent 15 years with them). They could answer just as easy as the IRS and less headache.

My take is if it is on the 1098s, you should be able to add all the amounts together and use.