Discussion:1098 Multiple Borrowers

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Taxea (Talk | contribs)
(If the 1098 show)
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Allotment adjustment by agreement of owners: -xxxx Allotment adjustment by agreement of owners: -xxxx
[[User:Taxea|taxea]] 16:24, 4 April 2006 (CDT)}} [[User:Taxea|taxea]] 16:24, 4 April 2006 (CDT)}}
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 +{{ForumReplyPost|UserID=Sfrey006|Date=19 April 2006|Text=Taxea... where did you read that the explanation and presenatation of both SS # would allow just one person the right to take the deduction....isn't the general rule...."if it takes money away from the gov't....its probably not kosher"? If it is o.k., then it should be documented somewhere, right? }}

Revision as of 18:17, 19 April 2006

Discussion Forum Index --> Tax Questions --> 1098 Multiple Borrowers

Shawn12345 (talk|edits) said:

3 April 2006
I own my house with a friend, the 1098 has both names on it. Do we have to split the interest paid amount on the 1098 in half and each file it or can we put the full amount on only one of our 1040/Sched A?? Please help!

Thanks

Riley2 (talk|edits) said:

4 April 2006
Each owner would deduct the amount he actually paid.

Shawn12345 (talk|edits) said:

4 April 2006
So there is no way to include the whole amount of interest paid on one borrower's return only? We'd get a bigger deduction that way I think. How do you prove who paid what over the course of the year?

Mstax (talk|edits) said:

4 April 2006
Pub 936 More than one borrower. 
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. 

 Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.

Taxea (talk|edits) said:

4 April 2006
If the 1098 shows both social security numbers you can allocate it at any percentage you want. Doesn't matter who paid what.

Open the statement box and use this explanation:

Allowed mortgage interest: xxxxxx Allotment adjustment by agreement of owners: -xxxx taxea 16:24, 4 April 2006 (CDT)

Sfrey006 (talk|edits) said:

19 April 2006
Taxea... where did you read that the explanation and presenatation of both SS # would allow just one person the right to take the deduction....isn't the general rule...."if it takes money away from the gov't....its probably not kosher"? If it is o.k., then it should be documented somewhere, right?
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