Extra Year End Payment Could Cut Tax Bill : The Real Estate Bloggers

Extra Year End Payment Could Cut Tax Bill

December 9th, 2005 • Related • Filed Under

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This article on making your January mortgage payment in December can have a positive tax benefit for 2005.  

A little year-end attention to your mortgage could lower your upcoming Internal Revenue Service bill.

Unlike rent, which you pay beforehand (i.e., your Jan. 1 bill covers your stay in the rental unit for that coming month), your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for the month of December, making it a tax-break-eligible bill for this year. By accelerating that payment even by just a day (Dec. 31), you get an additional deduction for the interest paid. via Yahoo

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