To: BenLurkin
"Start with your next mortgage payment, due Jan. 1. This actually represents interest for the month of December, so make the payment before the 31st. By accelerating the payment, you get an additional deduction this tax year for the interest paid."
Not sure about this one. Mortgage companies will most likely report what accrued in the year, not what was actually paid, right?
3 posted on
12/06/2005 12:35:40 PM PST by
Maximus of Texas
(On my signal, pull my finger)
To: Maximus of Texas
It's accrual basis for their accounting but individuals typically report taxes on a cash basis meaning that the company would report the income when it accrues on their books but you and I report the payment when it is made.
I THINK - CONSULT YOUR TAX ADVISOR. 8^)
4 posted on
12/06/2005 12:38:22 PM PST by
BenLurkin
(O beautiful for patriot dream - that sees beyond the years)
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