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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (609)	12/11/1998 11:44:00 AM
From: Mike Hagerty	Read Replies (3) \| Respond to of 1383

Colin or Anybody: I've just rolled my IRA into a Roth IRA and then found out that the person I'd financed a house to wants to refinance (pay it off) before Jan. 1st so he can deduct the refinancing charges on his taxes. This would put me over the $100,000 max. limit that I would need to qualify for the Roth. There is a thing called something like "right of recision" in Georgia where a person has 7 (or so) days to change his mind about taking on a mortgage. I know I would have to wait until this "right of recision" thing expired to get my money. But is it possible for the buyer to get his tax deduction on mortgage expenses for 1998 while I avoid ruining my Roth IRA by not getting my income payment til 7 days later in 1999? If not, can I legally refuse to close until Jan 1st? Thanks for any help or advice you can offer.