IRS Past Tax Forms
April 11th, 2006
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Question: If you get a tax form for mortgage interest paid on a loan and then claim it, but find out later…..?
The past couple of years we believed a Line Of Credit to be a Home Equity LOC (which the issuing company believes it to be also) and claimed it on taxes.
We are looking to sell the house and found out the company never recorded it with the Registerer of Deeds so as far as the county believes there is only one mortgage.
Will the IRS come back at us in the future even though we have the proper tax form for the interest?
Answer: You’re fine. The IRS looks at the tax forms that are issued by your mortgage company. The IRS does not check with all 3,077 counties in the United States to make sure that each loan and HELOC are recorded properly. As long as you and your mortgage company are in synch, that’s all that matters.
Even if IRS does find out, it wasn’t your responsibility to ensure that the loan is recorded properly with the county. You filed your taxes based on the information provided to you by the mortgage company.
Good luck!
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