Legal Question in Tax Law in Massachusetts
My bank has understated the amount of interest I paid in 2014 on my HELOC on the tax document for the IRS. They said that they will NOT change the form for 2014, but will add the deficiency to my 2015 return. MY account is now closed at my request. Can the bank do that with tax documents?
2 Answers from Attorneys
If you can prove conclusively that the amount that you actually paid within the tax year is different than what the bank reported, then you should claim the correct amount on your return. If it is flagged for examination, you can demonstrate the accuracy of your return; what the bank says is not Gospel, just the starting point for the IRS verification process.
Best wishes,
LDWG
Attorney Graves us absolutely correct. I would also send a letter to the bank requesting they correct the 1099 they sent you got 2014.
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