contract for deed

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • liberty
    Member
    • Dec 2009
    • 79
    #1

    contract for deed

    Client has a daughter with bad credit, so she can not get a mortgage with reasonable rate. Mom decided to help, wrote a contract for deed with interest and principal payment schedule. Mom took out a loan with her SSN to purchase a house. Daughter is paying the loan to mom, mom in turn pay to the bank. 1098 shows mom's SSN. Can daughter deduct the mortgage interest on her return. How does the matching work without daughter SSN# on the 1098 statement.
    Tags: None
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      Mom has to issue her daughter a 1098-Int with the daughter's SS#. Is the daughter on the deed? Research beneficial ownership also?
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...