Tax Professional Question-help!

[DisneyMom21]

Thanks everyone for your help! Issue was solved

 

[bkangell1979]

I am a tax preparer, but have never dealt with this area before.

I tried to post a link to the IRS website discussing this, but the site will not allow me because I have such a low number of total posts.

If you go to the IRS website and type in "emergency mortgage assistance program", the top link provides information that may be helpful.

Hope this helps.

Brandon

 

[Cheshire Figment]

You should get a Form 1098 from your Mortgage holder. This will indicate any deductible interest and will usually also show any property taxes paid.

 

[DisneyMom21]

I am a tax preparer, but have never dealt with this area before.

I tried to post a link to the IRS website discussing this, but the site will not allow me because I have such a low number of total posts.

If you go to the IRS website and type in "emergency mortgage assistance program", the top link provides information that may be helpful.

Hope this helps.

Brandon

Thanks for your help Brandon. As suggested, I did a search on the IRS site. I saw they mention another program/loan (the EHLP), that we did not qualify for(with that loan you don't have to pay it back), but don't mention our actual program EMAP so I am going to assume we can't get any deductions for 2012 for mortgage interest or real estate taxes. I wish our state HFA office was a little more helpful, they must know if you can deduct it or not, but won't say since they don't give tax advice.

 

[DisneyMom21]

You should get a Form 1098 from your Mortgage holder. This will indicate any deductible interest and will usually also show any property taxes paid.

Thanks. We do have the 1098 form, but since our Emap loan made the actual payments I was unsure if we could deduct or not. It looks like we can't.

 

[ariel71]

Since it's a state program, I'm not surprised that there wouldn't be a specific reference to it on the IRS website. However, if your state's EMAP program is considered a "Substantially Similar State Program" to EHLP, this bulletin may apply.

http://www.irs.gov/irb/2013-06_IRB/ar08.html