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#4
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| Mike Lewis wrote: - quote - > "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:
I would probably agree but the OP doesn't provide enough> > 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! 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 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
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| D. Stussy wrote: - quote - > Harlan Lunsford wrote:
He's making the payments because he still lives in the house,> > 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. 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 > << -------------------------------------------------> |
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#2
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| "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote: - quote - > Never come across this one before.
I would file MFS and deduct the interest. If she deducted it> 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? too, lets fight! Mike Lewis, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
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| Harlan Lunsford wrote: - quote - > Never come across this one before.
Why is he making payments? If the 1098 shows ONLY her name,> 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. 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 > << -------------------------------------------------> |
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| Harlan Lunsford wrote: - quote - > Never come across this one before.
1. I think it should be WWMD? Matthew being the one> 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? 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 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
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| 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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