03-02-2004, 04:10 AM
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 Re: unmarried partners/ mortgage, property tax deductions Sev wrote: - quote - > We jointly own the property and are liable for the mortgage,
Bear in mind that "whatever way is most advantageous" must> but lender reports 1098 in only one name/ SSN#. Wish to > divide deduction in whatever way is most advantageous to us. also have some economic reality. If one of you had significantly more income, you might have a gifting issue. I use the "mortgage interest not reported on a 1098" field when the person named second claims the deduction. For e-filing, that involves keying in the payer information from the 1098 as if it were a seller-financed mortgage. That presentation, while probably technically wrong, prevents a "you flunked the matching program" notice. Phoebe  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-29-2004, 07:58 PM
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| unmarried partners/ mortgage, property tax deductions We jointly own the property and are liable for the mortgage, but lender reports 1098 in only one name/ SSN#. Wish to divide deduction in whatever way is most advantageous to us. IRS publication mentions adding attachment/explanation, but I wish to e-file (turbotax). Am I courting trouble? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deductions, mortgage, partners or, property, tax, unmarried |
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