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Millions of taxpayers have been reporting their qualifying home mortgage interest deduction on their federal income tax return for years. The most common error that causes this deduction to trigger an IRS correspondence audit is an incorrect Form 1098.
When you own a home with your spouse, you receive a Form 1098 annually from your lender that provides the amount of mortgage interest you paid during that tax year.
That form may only include the name and social security number of one spouse. Should there be a divorce or that spouse pass away, the remaining home owner should request the lender to update the name and social security number on the 1098 before filing.
If there is no time for that update to be made before the April 15th deadline, it may be best to file for an extension and submit the tax return when the amended 1098 is ready to avoid triggering an automatic audit.
Please contact us at McRuer CPAs online or call us at 816.741.7882 if you have any questions about your mortgage interest deduction or other questions about tax deductions and credits.
