1098 mortgage interest

[Unregistered]

Dad helped son buy a home. the 1098 shows both names on the form, SON pays the monthly payments, yet dads soc. sec. number is shown on 1098.

Is there any way son can claim the interest he paid?? If so how shown on schedule A?

Thanks for the help.

[Possi]

both names

If both names are on the 1098, then son's SS must be on the account. The 1098 would only show the primary number.
Son can claim the interest paid and he has the backup to prove he paid it, should it be questioned.
We are surrounded by much smarter people on this board, so wait for a confirmation to my reply.


~p

[Redneck]

Mortgage Interest

is deductable if the taxpayer is legally liable for the mortgage. TB 4-11

[Gretel]

Confirmation here. Very recently, maybe only some days ago, this was discussed with a little more back up.

I would just attach a statement of explanation. If son is obligated to pay mortgage and father's name is just used for bank security purpose, take it.

[Chief]

Mortgage Interest

I would not attach any statement to such interest. That only calls attention to the item. Keep proof and statement if tp ever gets letter from IRS.

[Deltax]

Dad helped son buy a home. the 1098 shows both names on the form, SON pays the monthly payments, yet dads soc. sec. number is shown on 1098.

Is there any way son can claim the interest he paid?? If so how shown on schedule A?

Thanks for the help.

Son can claim all or Dad can claim all or any which way they can if both Ss # are on the account

[theresa d]

theresa d

my understanding is only the person who paid the interest can deduct it if more than one person liable for the mortgage.