Best Interest Only Mortgage Can I Split The Deduction For Mortgage Interest With My Sister Even If Form 1098 Only Has My Ss#?
Can I split the deduction for mortgage interest with my sister even if form 1098 only has my ss#? - best interest only mortgage
My sister and I have a new house in 2004. In 1098 our two names as the client / borrower with my SS #. We have split the mortgage interest deduction, but this year brought in my sister in 2006, your return, that someone mentioned that I am the only one to claim the deduction for mortgage interest Clock. I need to file my taxes on the 10/15/07 and I was wondering if someone on to help with what to do! PS I did not have enough income to pay for the mortgage, the last year, my sister paid for more ...
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5 comments:
Such interest shall be the person charged will be deducted.
See Publication 936 for more details. It says in part
More than one borrower. If you and at least one other person (except if your spouse will receive shared) application and are responsible for paying the interest on a mortgage that went home, and a person a Form 1098 showing the interest during the year, add a statement to your return explaining this. Show how much everyone's interest to pay you, and enter the name and address of the person receiving the form. Drag your stocks of interest on Schedule A (Form 1040), line 11, and print "See attached" next to the track.
Similarly, debtors, if you the payer of the registration of a mortgage, where there are others who benefit from the deduction of interest on Form 1098, you only get to deduct your share of interest on Schedule A (Form 1040), line 10 You should know each other debtors, which is its involvement.
Because his sister, you might ask, what she said? He is claiming that he paid for. If it does not claim any part thereof, the remainder may require.
Whatever the social security number, as shown in 1098, only one person has to pay, and that you can actually pay to take the deduction on the mortgage.
Because his sister, you might ask, what she said? He is claiming that he paid for. If it does not claim any part thereof, the remainder may require.
Whatever the social security number, as shown in 1098, only one person has to pay, and that you can actually pay to take the deduction on the mortgage.
Yes, you can distribute as it is both the loan, so that everyone is responsible for the payment. Just between us, would bring the total number total deduction of interest paid. Notify the official "correct" way is to claim that any person who is a deduction for the amount actually paid.
You can also request that all, but only if you pay very reliable. As it is now, if they claim that everything he on a revised statement of waiver of the deduction for their part, did file and will not pay any income tax to maintain their shares - not right, not quite well especially if more than paid.
If both on the hook, legally, you can share it, but technically, costs must be allocated on the basis of who pays what percentage of the mortgage.
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