I'm trying to get my taxes done so I have some money to get some toys and tools. This year will be different for me b/c I had a kid refinanced and bought property. The crazy part is the mortgage stuff. I had 2 mortgages that got bought out, by a company that provided me 2 new loans, to improve my house and purchase property. Then that loan Co. got bought out by citimortgage and they sold the new 2nd loan to countrywide. According to what I have read I can deduct loan orig fees. Lets say I have $5000 in loan origination fees can I deduct the whole thing if it was paid out this year? I was told it was deductable/#payments per year. However if you used the money to fix up your house you can use that percentage. Also can I deduct all the taxes of the loans I was charged?
Tax question This is not legal advise. I don't practice tax law and run all of my questions by an accountant. With that disclaimer, the rule of thumb test I use is "penalty or prison". If the answer is penalty, I might give myself the benefit of the doubt. If it is prison, then I give the IRS the benefit of the doubt. If you are not understating your income, or trying to hide income, most questions will fall in the "penalty" catagory. Ben.
