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Mortgage interest limits
Client purchased a home in Feb 2018 for $1.8 million, putting $200,000 down leaving a mortgage of $1.6 million. In October he sold his previous home, netting $950,000 all of which he used to pay down the new mortgage--leaving him with a year-end mortgage balance of $650,000. Do I have to apportion his interest for the months the balance was over $750,000?... -
Help with new RE investor client!
I have a new LLC client which purchased a mortgage note (value: $207,998) for a home in Connecticut. The note became non-performing, and the LLC proceeded to foreclose on the property. As of 12/31/15, the LLC was the owner of record for the property. Since then, the home has been sold (at $42,500, a substantial loss: approximately 20% of the value... -
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... -
Mortgage Assistance Payments 1098MA
I have a client that was in an interest only loan for her home. She did not realize she was in that type of a loan for 3 yrs. When she did find out she had it changed. She received a Mortgage Assistance Payment 1098MA. I searched all over and asked people all over. I'm not sure where this needs to go. I was told maybe fill out the Form 982 for...
