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Old 02-09-2014, 02:13 AM
 
1,437 posts, read 2,011,929 times
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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.

Thoughts?

Thanks
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Old 02-09-2014, 02:29 AM
 
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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.
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Old 02-09-2014, 02:31 AM
 
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Quote:
Originally Posted by Blondy View Post
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.
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Old 02-09-2014, 04:03 PM
 
Location: Boise, ID
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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.
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Old 02-09-2014, 05:12 PM
jw2
 
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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.
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Old 02-09-2014, 10:06 PM
 
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Lol, thank you very much for your thoughts everyone. I'll go get it!
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