Can my client itemize mortgage interest she didn't actually pay but was included on a 1098 from a debt cancellation of her mortgage? The cancelled debt is not taxable to her but reduces her basis.

TedK · ‎03-14-2021

dascpa · ‎03-14-2021

Deduct an expense I actually never paid. Wow, what a great tax planning concept.

abctax55 · ‎03-14-2021

An oldie, but a goodie. And 'ANYTHING' posted by Dave Fogel is gospel. If you have further questions, google him to find his website which is chock-full of all things related to COD issues.

http://www.taxalmanac.org/index.php/Discussion_Mortgage_Interest_for_year_of_short_sale.html

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Can my client itemize mortgage interest she didn't actually pay but was included on a 1098 from a debt cancellation of her mortgage? The cancelled debt is not taxable to her but reduces her basis.

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