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  #4  
Old 04-11-2005, 05:16 PM
Lanny Williams
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Default Re: form 1098 mortgage interest

Mike Lewis wrote:
- quote -

> "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:

> > Never come across this one before.
> > > New fellow came in today (recommended by brother). He has

> > his W2 form and a form 1098 for mortgage interest with his
> > wife's name and number on it. (for the record, the
> > interest exceeds his MFS standard deduction.)
> > > Seems she has already filed , "separately" as far as he

> > knows, since she moved out of house and they didn't live
> > together atall during 2004. He of course continued making
> > mortgage payments.
> > > WWJD?
> > > or, What Would YOU do?


> I would file MFS and deduct the interest. If she deducted it
> too, lets fight!


I would probably agree but the OP doesn't provide enough
information. He needs to find out who actually owned the
house and was liable on the mortgage. If it was jointly
owned and they were jointly liable on the mortgage, go ahead
and deduct.

On the other hand, if the property belongs to the wife and
he is not liable on the mortgage, he is not eligible to take
the deduction.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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  #3  
Old 04-07-2005, 06:17 AM
Harlan Lunsford
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Default Re: form 1098 mortgage interest

D. Stussy wrote:
- quote -

> Harlan Lunsford wrote:

> > Never come across this one before.
> > > New fellow came in today (recommended by brother). He has

> > his W2 form and a form 1098 for mortgage interest with his
> > wife's name and number on it. (for the record, the
> > interest exceeds his MFS standard deduction.)
> > > Seems she has already filed , "separately" as far as he

> > knows, since she moved out of house and they didn't live
> > together atall during 2004. He of course continued making
> > mortgage payments.


> Why is he making payments? If the 1098 shows ONLY her name,
> it's her loan - and that implies that he doesn't have an
> ownership interest. He may be doubly screwed here in that
> if he isn't liable and the amount paid (include principal
> for this) is over $11k AND the state doesn't consider them
> spouses anymore, then he could have a gift tax issue.


He's making the payments because he still lives in the house,
having kicked her out last year. And yes, they are still
married. Neither can afford to pay a lawyer for a divorce.

ChEAr$$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #2  
Old 04-05-2005, 08:34 AM
Mike Lewis
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Posts: n/a
Default Re: form 1098 mortgage interest

"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:

- quote -

> Never come across this one before.
> New fellow came in today (recommended by brother). He has
> his W2 form and a form 1098 for mortgage interest with his
> wife's name and number on it. (for the record, the
> interest exceeds his MFS standard deduction.)
> Seems she has already filed , "separately" as far as he
> knows, since she moved out of house and they didn't live
> together atall during 2004. He of course continued making
> mortgage payments.
> WWJD?
> or, What Would YOU do?


I would file MFS and deduct the interest. If she deducted it
too, lets fight!

Mike Lewis, CPA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #1  
Old 04-05-2005, 08:34 AM
D. Stussy
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Posts: n/a
Default Re: form 1098 mortgage interest

Harlan Lunsford wrote:

- quote -

> Never come across this one before.
> New fellow came in today (recommended by brother). He has
> his W2 form and a form 1098 for mortgage interest with his
> wife's name and number on it. (for the record, the
> interest exceeds his MFS standard deduction.)
> Seems she has already filed , "separately" as far as he
> knows, since she moved out of house and they didn't live
> together atall during 2004. He of course continued making
> mortgage payments.


Why is he making payments? If the 1098 shows ONLY her name,
it's her loan - and that implies that he doesn't have an
ownership interest. He may be doubly screwed here in that
if he isn't liable and the amount paid (include principal
for this) is over $11k AND the state doesn't consider them
spouses anymore, then he could have a gift tax issue.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 
Old 04-05-2005, 07:17 AM
Frederick Jorden
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Posts: n/a
Default Re: form 1098 mortgage interest

Harlan Lunsford wrote:

- quote -

> Never come across this one before.
> New fellow came in today (recommended by brother). He has
> his W2 form and a form 1098 for mortgage interest with his
> wife's name and number on it. (for the record, the
> interest exceeds his MFS standard deduction.)
> Seems she has already filed , "separately" as far as he
> knows, since she moved out of house and they didn't live
> together atall during 2004. He of course continued making
> mortgage payments.
> WWJD?
> or, What Would YOU do?


1. I think it should be WWMD? Matthew being the one
experienced in the field. If his name is not on the deed I
guess he cannot claim the taxes and interest. But if she
still owned the house the payments could be viewed as
separate maintenance.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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  #-1  
Old 04-02-2005, 07:36 AM
Harlan Lunsford
Guest
 
Posts: n/a
Default form 1098 mortgage interest

Never come across this one before.

New fellow came in today (recommended by brother). He has
his W2 form and a form 1098 for mortgage interest with his
wife's name and number on it. (for the record, the
interest exceeds his MFS standard deduction.)

Seems she has already filed , "separately" as far as he
knows, since she moved out of house and they didn't live
together atall during 2004. He of course continued making
mortgage payments.

WWJD?

or, What Would YOU do?

ChEAr$,
Harlan Lunsford, EA n LA
1 Apr 2005

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

Tags
1098, form, interest, mortgage
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