Hi. So we can deduct a percentage of our mortgage interest from our taxes.
But if we have paused the mortgage payments due to the pandemic (we got a mortgage forbearance for 6 months, from December 2020-June 2021), how would it work for tax purposes? Can i not claim anything? I know i haven't paid mortgage interest for Dec 2020, but i will pay it some other time, right? So, can i claim a tax deduction for estimated mortgage interest for Dec 2020 on my 2020 tax filings?
Also, how would it work for 2021? If i haven't paid mortgage for 5 months, can i not claim any housing expenses for those months?
My daycare is operating under extremely reduced capacity and i don't have much revenue, but still i would like to deduct the morgage interest percentage? Can i?
But if we have paused the mortgage payments due to the pandemic (we got a mortgage forbearance for 6 months, from December 2020-June 2021), how would it work for tax purposes? Can i not claim anything? I know i haven't paid mortgage interest for Dec 2020, but i will pay it some other time, right? So, can i claim a tax deduction for estimated mortgage interest for Dec 2020 on my 2020 tax filings?
Also, how would it work for 2021? If i haven't paid mortgage for 5 months, can i not claim any housing expenses for those months?
My daycare is operating under extremely reduced capacity and i don't have much revenue, but still i would like to deduct the morgage interest percentage? Can i?
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