1. Business & Finance

Discuss in my forum

Justin Pritchard

How Your Mortgage Can Trigger an Audit

By , About.com GuideSeptember 17, 2009

Follow me on:

The IRS is finding new ways to maximize revenue.

They'll start looking at individuals who pay a lot of interest but don't report a lot of income (or any income).  You might deduct mortgage interest on your return, or your lender may report it to the IRS.

If you pay a lot in interest, the money has to come from somewhere.  If you're not reporting sufficient income, either you've got the money sitting around or you're forgetting to include it on your return.  IRS computers will check for red flags.

Read more about the IRS program at MarketWatch.


Further reading:

Comments
No comments yet.  Leave a Comment
Leave a Comment

Line and paragraph breaks are automatic. Some HTML allowed: <a href="" title="">, <b>, <i>, <strike>
Related Searches september 17 mortgage

©2012 About.com. All rights reserved.

A part of The New York Times Company.