From MSN Money
Posted by taxguru on April 3, 2004
Make a mistake? You can make amends – While not all items can be changed on an amended return, most can.
How refinancing costs you at tax time – It’s never a good idea to pay out more just to get higher tax deductions. The biggest mistake I see regarding refinances, especially with most tax pros, is that they spread out (amortize) the deduction over the nominal life (15 to 30 years) rather than the more realistic expected lifespan of the loan (3 to 5 years), which I have been doing for decades. Both methods are technically correct, but mine results in larger deductions sooner than the more common wimpier method.
Sorry, the comment form is closed at this time.
Tax Guru - Ker$tetter Letter 