Sometimes the amount of interest reported to the IRS will be different from the amount shown on the Mortgagor’s Annual Statement Information as “Interest Paid ”.
This may occur in the following situations:
- If you paid less than $600 in interest on your mortgage loan, we are not required to report to the IRS.
- If you assumed your mortgage in the previous calendar year, the interest reported to the IRS includes only the amount received for the period during which McCue Mortgage was aware you were obligated on the loan.
- If your monthly payments were supplemented by buy down funds, we have reported to the IRS an amount of interest paid after deduction of those supplemental amounts.
- If a portion of your monthly mortgage payment is subsidized by the U.S. Department of Housing and Urban Development (HUD) under a government-assisted loan program, you are allowed to deduct only that part, if any, of the mortgage interest payments made during the year that exceed the amount of assistance payments made by HUD.
- If on December 31, your mortgage was prepaid for installments due February 1, or after, the interest portion of such prepayments is not reportable to the IRS for the year. This prepaid interest will be reported in subsequent years, as applicable.
- If you paid any late charges, we have reported to the IRS the amount paid as interest paid.
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