Mortgage interest

[JenMO]

Son purchased farm from father - 2013 father reports mortgage interest to son on form 1098, but son did not pay that much. Does son get to deduct because father is reporting that much interest?

[Gretel]

I would want to find out why father reported more. Mistake, gift,....?

[Burke]

Son purchased farm from father - 2013 father reports mortgage interest to son on form 1098, but son did not pay that much. Does son get to deduct because father is reporting that much interest?

No. The son gets to deduct what he actually paid. The father may be taking the figure off an amortization statement for the year. But unless he made all 12 payments, only the ones he paid are income to the father, and deductible to the son. BTW, he does not need to give the son a 1098.