- quote -

There's a line in Schedule 1040A for non-1098 mortgage.
Joint mortgages, seller financed, arer pretty common. Be
prepared to document the mortgage papers if the IRS
inquires.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

- quote -

The 1098 shows only one TIN. How do other, perhaps multiple,
owners get to deduct the interest to which they are
entitled?

My partner and I have reported the mortgage interest on the
second-listed owner's tax return with a note stating
"originally reported under SSN 123-45-6789" with successful
results.

Pasha

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

- quote -

Though if he's on the hook for the payments (he'll lose his
equity in the house if the mortgage payments are not made),
I think he does get to deduct the interest he pays.

Seth

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

chan.gene[at]gmail.com wrote:

- quote -

No, you can not deduct interest payments for a debt you are
not legally obligated to pay --- see Publication 535 for
requirements for rental properties (same principle holds for
home mortgage interest, too, btw).

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I have a rental proprety that I am on the deed for but not
the mortgage. I have made mortgage payments directly to the
lender, so am I able to deduct mortgage interest?

Thanks!,

Gene

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >