Financing in 29902>Question Details

2bluestarmom, Home Buyer in 29902

irs form 1098 for interest only payments. lender refused to provide.

Asked by 2bluestarmom, 29902 Wed Feb 24, 2010

Throughout life of my 3 year, interest only loan, my bank/ lender, SCB&T refused to provide Form 1098 on my interest only payment mortgage. They said they didn't have to provide to me, because the other borrower on note was main borrower, I was co-signer, however, it was my payments, being deducted from my checking account, with same bank showing I was making the payments. I couldn't even get annual statements of said payment history from my own account!

I want to know what my recourse is. I need a good cpa in my town who knows r.e. and irs tax law but won't charge me a leg and arm for services.

p.s. i subsequently lost my property in foreclosure last year and took tremendous loss. property sold for about 600k less appraised value. mortgage loan was 20k

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How do to my request the 1098 form for interest I paid to the Hilton timeshare for 2010
0 votes Thank Flag Link Sun Nov 18, 2012
2bluestar you need to contact the other the other borrower to get this. By the way this is not legal or tax advice but you jointly can only claim 100% of the amount of interest paid. If you both claim 100% then you will be commiting tax fraud. Find out if the other person claimed the interest and if they did you may both have to file ammended tax returns for the past few years.
Second thought this is not the time to be looking for the cheapest CPA in your area. You may want to look for an enrolled agent to do your current and refigure your and your co-borrowers past taxes if you can get the co-borrower to agree.
0 votes Thank Flag Link Wed Feb 24, 2010
Talk with your tax accountant about your situation.
0 votes Thank Flag Link Wed Feb 24, 2010
You don't need a 1098 to be issued separately to make a mortgage interest deduction. You are entitled to deduct your share of interest expense on your taxes if filing separately from the main borrower on the 1098.

You must be sure that the main borrower is only deducting their share of the interest - as the total amount of interest paid claimed on taxes cannot exceed the 1098 amount.

Good Luck!
0 votes Thank Flag Link Wed Feb 24, 2010
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