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I have 2 loans for my primary residence (80/20). I claimed, as I do every year, a mortgage interest deduction for both loans.
This year, my "80 loan" was refinanced. As I prepared my taxes, I wondered why my mortgage interest deduction was so much lower than last years. I figured it was due to the lower interest rate and proceded to file.
Just a few days later, I received a mortgage interest statement back from the bank who originally held the loan. This made perfect sense.
They say that amending your return is not grounds to trigger an audit, but I don't want to add this deduction and have to deal with an audit. I have enough hassles in my life. I stand to gain another ~ $900 refund by amending my return.
Highly unlikely it would trigger an audit. The IRS got a copy of the mortgage interest statement you got or should have. Think its a Form 1098. If its a statement it should say on their somewhere that its a substitute for Form 1098.
They match that to whats on your return or amended return so theres no reason they would question it.
Highly unlikely it would trigger an audit. The IRS got a copy of the mortgage interest statement you got or should have. Think its a Form 1098. If its a statement it should say on their somewhere that its a substitute for Form 1098.
They match that to whats on your return or amended return so theres no reason they would question it.
Thank you, I believe it is a Form 1098. I'll just go ahead and file it.
One year, I discovered I had missed a deduction for the prior 3 years that I didn't know I could take despite not itemizing. I amended 3 years worth all at once, and it didn't prompt an audit. So an amendment does not mean an automatic audit. For $900, I would do it.
va_lucky, do not be afraid of an IRS audit (unless you cheated of course). It isn't that big a deal. Get your $900 back, it is yours, you worked for it, it belongs to you.
Lol, thank you very much for your thoughts everyone. I'll go get it!
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