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From: grl@charm.UUCP (George Lake)
Newsgroups: net.taxes
Subject: Re: tax deduction of prepaid mortgage interest
Message-ID: <732@charm.UUCP>
Date: Mon, 26-Aug-85 10:45:09 EDT
Article-I.D.: charm.732
Posted: Mon Aug 26 10:45:09 1985
Date-Received: Tue, 27-Aug-85 06:28:05 EDT
References: <106@decwrl.UUCP>
Organization: Physics Research @ AT&T Bell Labs Murray Hill NJ
Lines: 18

There has been much heat and no light over this issue.

You are free to use a bookeeping method that counts things
when they are owed or when they are paid-- you must
be consistent.  You can get taken down for using one
method on inflow and the other on outlow.

As for when the interest is accrued.  The payment due on
Jan 1 is the interest accrued for December!!!
Do you all remember when you bought a house you had to pay
the interest for the rest of the month you bought in, but
then had that blessed state where there was no payment
due for over a month.

Many tax games are worth the trouble. Not this one.

Cheers,
George Lake