The IRS And Mortgage Interest

Unfortunately many legitimate people will get audited by the IRS because of this.  My opinion is that the IRS should focus on people who have made mortgage payments but haven’t filed returns. 

Here is how it works.  “Historically, the IRS computers have been matching the totals on those Forms 1098 to ensure that you didn’t deduct more mortgage-interest expense than the lender reported. When deductions are higher than the total amounts on all Forms 1098 with your Social Security number and that of your spouse, the IRS sends you a letter. They ask you to identify the lender whose interest you are deducting.”

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