form 1098

Also received a 1098 (no 1099C) and wondering what to do....if anyone knows, PLEASE let us know.

Hi Darlene,

You should contact a tax adviser and he will help you in knowing as to what you should do once you receive a 1098 form.

I actually talked to the bank and they said that I should report it and that proceeds of the sale were made on my behalf and that normally if you get a 1098, this is the case.

Hi Darlene,

You can follow what your lender has told you. But I would still like to go with Adonis' advice that you should contact a tax adviser in regards to this issue.

Thanks

Hi Jake,
We had a short sale last year and received a 1098 last month. We have asked our CPA and we are waiting to hear back. May I ask, how did it work out for you?

Hi sacshortsale!

Welcome to forums!

You will have to use the form 1098 to report mortgage interest of $600 or more received by you in a year in the course of your trade or business from an individual, including a sole proprietor.

Sussane

in 2012, we did a short sale on our house in georgia, closing the sale in december. three years ago, the house was included in a chapter 7 bankruptcy, but we continued to make our payments and live in the house. we only made two mortgage payments, but the statements from the bank reflect the total amount of interest paid rather than just for those two months. the bank said all loans generated after september will receive their 1099s at the end of this year, 2013. we now live in california and want to know whether we can claim the total amount of interest paid in 2012 or just for the two payments we actually made.

Hi Marian!

Welcome to the forums!

As far as I know, you may be able to claim the two payments that you actually made toward the mortgage. Nevertheless, it will be better if you could get in touch with a tax adviser and take his opinion in this regard.

Feel free to ask if you've further queries.

Sussane