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Trust sending 1098 Mortgage?
I've avoided trusts as much as possible, I know my limitations but this involves me personally so I can't avoid it. When my father-in-law died he left substantial farm land in a trust. The trust had to borrow money to pay the estate tax. Now all 3 beneficiaries have to give the trust $500 a month to pay the interest only loan. The trust issued... -
Duplex remodel -- another wrinkle
Here's another possible twist on my builder's remodel of the rental portion of his duplex. This guy hasn't filed a timely return in years, so he has never had a chance to elect to capitalize the carrying costs on the property being remodeled, i.e. taxes, interest, insurance. His income is so low that he doesn't benefit from any current Schedule A deductions....
