Client has residential rental. In 2004 mortgage interest on rental was $7000; 2005 mortgage interest shown on 1098 is over $14,000, but did not refi in 2005 and principal balance is a little bit smaller in 2005 than in 2005. My brain is telling me something has got to be incorrect - why would mortgage interest double with no changes. However, being I have 1098 showing the $14,000 interest, do I just go with it? I have questioned client and she tells me she doesn't know why the change.
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peggysioux -
Mortgage interest
Starting with the simple question, was 2004 for a full year?
Then, does she have an adjustible (variable) mortgage rate?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Mortgage Interest was
for a full year in 2004 and 2005. I will check with her to see if she had a variable interest rate. Just seems extremely high for the interrest to more than double. Her total mortgage is only $236,916, which is low in California.peggysiouxComment
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Mortgage companies.....
............. do make errors. Your most expedient answer would be calling the mortgage company.............This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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