Profile picture for liv399

I found I am not getting any 1098

I guess in the beginning of my heloc loan the bank deposited the money without having me sign anything? at least this what was told to me when I kept getting stuff the bank wanted me to sign after the fact so I guess now all this time they have not been giving me a 1098 which is something my tax lady caught whom says its an interest only loan which it was for 60,000 so I have not had that credit in 5 6 yrs? I wonder now what? maybe they should just forget about that loan and forgive it? would be nice since my husband lost his job and I was injured and they would not help with loan modification? I been paying it but struggle to do so
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June 11 - San Bernardino
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Answers (5)

Profile picture for Pasadenan
Not all mortgage interest (and Heloc interest) is tax deductible; only interest paid for purchase or improvement to the home.  If you use it to buy a car or pay off credit cards, or to take a vacation, that is not tax deductible.

I would say call the IRS at 1(800)tax-1040, but the last time I called them they stated their policy on tax instructions has changed at the beginning of this year, and that they now want people to get the info from their website and don't want to answer those kind of specific questions.

SO, go to  IRS.gov and download the relevant publications and read them.

(Personally, I would call them anyway, and ask them what publications you should be downloading and reading on the subject).

You can file amended tax returns for up to 3 years later.
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June 11
I would look for  a different tax lady.. you've been paying on a HELOC, Interest only for 5-6 years and it never occurred to you or your tax lady that you were not receiving your 1098?  Technically, if you never signed a security agreement / note / deed of trust / or any document that attaches the HELOC to your home, then technically, you don't have a HELOC.. you have an unsecured line of credit, and you cannot write off the interest like you would be able to if it was attached to your house.  If you did eventually sign some sort of security agreement, then the IRS does allow you to amend your taxes, however when it comes to deductions, such as interest write offs, you can only go back 3 years.. As far as the lender just forgiving the loan.. never gonna happen.. at least not without legal action.. IE foreclosure, short sale or BK. The reality is that you borrowed the money, had use of the money, and you agreed to pay the money back..

Feel free to reach out to me via my profile if you have any additional questions or concerns. William J. Acres, Arizona's Mortgage Expert.

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Profile picture for wetdawgs
What was first told to you?

In the first post you mentioned that the money was deposited, so if it has remained in the account untouched you should be able to pay them back.  
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June 11
Profile picture for liv399
It was actually the lien and I have been paying but would like them to honor what was first told to me however I guess because I did not use all the money? the larger amount then I was not getting the lower interest?
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Profile picture for wetdawgs
"maybe they should just forget about that loan and forgive it?"   If you were aware of the money and have used it or been using it, plan on paying it back.    It appears you are looking for a technicality to have it as a gift.  If they do "forgive" it (not very likely), please be aware that you will owe income tax on the gift.

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June 11
 
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