Nan Eklund wrote:

- quote -

I wonder...... let's see now.

What IF the one with the social security number on the 1099
goes ahead and only reports half the amount. After all,
when IRS matches up and sees that not all the 1098 interest
was deducted it might decide there's no exeption.

And for the other half, what IF he/she reports mortgage
interest paid on the line below where you actually list name
and number? Therefore, no extra statement on either
return.

However, it seems to be the rule this year to see three
1098's on one house. the original mortgage one, the refi
one for about 24 days before the loan is brokered to yet a
third mortgage company. Oh, maybe a fourth 1098 for the
line of credit home equity. I'm sure ya'll are also
writing off points like crazy these days, on the refi year
before last and the one last year.

Cheer$,
Harlan Lunsford

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- quote -

I have started to use Form 8275 when efiling. Maybe the IRS
will get wise and require both names/SSNs when jointly owned
acount. (More than 2 might be a problem, tough.)

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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- quote -

That's about all you can do. Whether they bother to look at
the statement before sending a CP-2000 I don't know.

Phil Marti
Topeka, KS

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- quote -

I list the whole amount on the return of each and subtract
out half with a note about the name and SS number. Don't
know whether that will fly with efiling, but at least I have
a clue as to what happened if there's a CP 2000.....

Nan, EA in LA

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Phil Marti wrote:
- quote -

As we should of course. But what about the CPC 2000
notice for the other spouse who's ssn was not the number of
record?

In this case of course I will attach a statement to the
return.

Cheer$,
Harlan Lunsford

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Harlan Lunsford <lunstax[at]bellsouth.net> writes:

- quote -

I split it according to who paid it (assuming both are liable).

Phil Marti
Topeka, KS

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A.G. Kalman wrote:
- quote -


- quote -

naturally I agree that this is the fair way for it to be
done.

However; how do YOU handle it when the 1098 is in one name
and number only?

Cheer$,
Harlan Lunsford, EA n LA

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sethtomblyn[at]yahoo.com (Seth Tomblyn) wrote:

- quote -

Given that you have admitted that you are perfectly aware
that you cannot both take the deduction, not only would you
be liable for penalties, but maybe jail time as well for tax
fraud. You might want to take that into account.

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Seth Tomblyn wrote:

- quote -

You both need to amend as you both overstated your deductions.
You said that you contributed equal amounts to a joint account
from which the interest payments were made. Therefore, you each
paid half the interest and you each are only allowed to deduct
what you actually paid.

--
Alan
http://taxtopics.net

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sethtomblyn[at]yahoo.com (Seth Tomblyn) writes:

- quote -

If you do it before April 15, 2004 you won't owe interest.
If you're here wanting to know if you can get away with
this, please go away.

Phil Marti
Topeka, KS

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My girlfriend and I are not married and we own a house
together. Her filing address is different than mine (she
reports a Mail Boxes etc. address to her employer, and that
address is on her W2). We have a joint account which we both
pay into in equal amounts to cover mortgage and other
expenses.

We both accidentally claimed the total mortgage interest
deduction for our primary residence for 2003. I thought that
we had agreed that I would take the full deduction, but I
guess we hadn't agreed!

Given that we filed separately, are not married, and that I
filed electronically and she mailed in her file by snail
mail, are our chances of getting audited high or extremely
low? I recognize that the right thing to do here is for one
of us to file an amended return. But, I am wondering how
quickly we have to do this. Unless the IRS has software that
cross-references addresses for mortgage interest deductions,
I would think that it would be up to us to do the right
thing, and that it's not something that the IRS will notice
otherwise. Again, I know that it's not legal or right, but
this even looks like a loophole for unmarried couples that
are joint tenants in common. I think that the worst that
could happen is that the IRS points out the error and you
write a letter claiming ignorance that the other person also
took the deduction (thereby eliminating any penalties).

Thanks in advance for your advice!!
-Seth

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