curiousgeorge
Junior Member
Joined: Feb 22, 2011 22:11:06 GMT -5
Posts: 131
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Post by curiousgeorge on Jan 10, 2012 18:52:18 GMT -5
NYC co-op apartment, 2 owners, joint with rights of survivorship. 1098 lists only one SSN. The monthly maintenance includes the underlying mortgage interest and real estate taxes for the co-op building - who can claim the tax deductions?
Thank you!
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Jan 10, 2012 19:10:46 GMT -5
who can claim the tax deductions?
the person who paid for it....
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curiousgeorge
Junior Member
Joined: Feb 22, 2011 22:11:06 GMT -5
Posts: 131
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Post by curiousgeorge on Jan 10, 2012 21:50:32 GMT -5
MW - as always, many thanks.
If the SSN on the 1098 does not belong to the one who paid, would it not create a problem with the IRS since they would not have a 1098 that backs up the claim?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Jan 11, 2012 5:53:57 GMT -5
"would it not create a problem with the IRS since they would not have a 1098 that backs up the claim?"
it can...... just keep the record of the payments (canceled checks, etc)..... a few years ago I had a client who owned property joint with someone else.... my client paid 100% of the costs (mortgage, taxes, etc..... IRS did a "desk audit"..... we provided copies of the real estate tax bills showing both names as owners, the HUD-1 showing the same, the first page of the mortgage agreement that showed both names and the canceled checks for the mortgage and tax payments.... eventually they refinanced and changed the name ordering.... made life easier....
can the bank change the ordering of the 2 names on the 1098? can the co-op change the ordering?
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Post by activeonlooker on Jan 19, 2012 21:49:34 GMT -5
If your SSN does not appear on the 1098, you can report the mortgage interest on line 11 of schedule A "mortgage interest not reported on form 1098"
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Jan 20, 2012 6:02:28 GMT -5
to add to active, from form 1040 schedule A instructions
"If you and at least one other person (other than your spouse if filing jointly) were liable for and paid interest on the mortgage, and the other person received the Form 1098, attach a statement to your return showing the name and address of that person. To the right of line 11, enter “See attached.”"
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