Posted on: 03rd Feb, 2009 09:12 am
Hi - I assumed a loan from my father on my house in 12/2008 via a Survivorship Deed in the state of Ohio. Now, both of our names appear on the loan; however, the mortgage company issued 2 1098 forms. One with only my fathers name with a majority of the interest that was paid on the home for 2008, and the second with both of our names showing only a partial amount of the interest paid on the home (I assume just for 12/2008).
I have always paid the mortgage note, but have never claimed the taxes for the past 5 years as my father was always on the loan (and he never claimed the taxes either as I was paying the mortgage).
Can I only claim the lesser of the two 1098's and not both? When I did the paperwork for assuming the loan, i was told I can claim the entire year, but the mortgage company will not put me on the first of the two 1098's.
Any help is greatly appreciated.
I have always paid the mortgage note, but have never claimed the taxes for the past 5 years as my father was always on the loan (and he never claimed the taxes either as I was paying the mortgage).
Can I only claim the lesser of the two 1098's and not both? When I did the paperwork for assuming the loan, i was told I can claim the entire year, but the mortgage company will not put me on the first of the two 1098's.
Any help is greatly appreciated.
Hi lacedup2go,
Since you assumed the loan from your father in 12/2008 and only your father's name appeared on the loan till then, the mortgage company sent the 1098 form with majority of interest paid on the home in your father's name. given the facts presented by you, I don't think, you can claim both of them. However, a consultation with an attorney or a tax consultant may help you explore some options.
Since you assumed the loan from your father in 12/2008 and only your father's name appeared on the loan till then, the mortgage company sent the 1098 form with majority of interest paid on the home in your father's name. given the facts presented by you, I don't think, you can claim both of them. However, a consultation with an attorney or a tax consultant may help you explore some options.