If the mortgage interest is fully deductible, one has the option of deducting the pre payment penalty that one incurred on prepayment of the home mortgage loan. However, there are certain exceptions to this rule that may render the opting for deduction impossible. Hence, it is better to understand the exceptions to the law very well before claiming the deduction on the penalty related to your home mortgage.
January 5, 2006
Prepayment penalty on your home mortgage loan is not always deductible
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