How do I "write a statement" for the IRS about claimed interest?

Question

I did my federal return with Taxcut. The software informed me that, since I jointly own my home with someone else, I have to write out a statement detailing how the mortgage interest is being claimed and submit it with my return. What does that kind of statement entail? Are we just talking about a typical business letter here?

Answer 1

I assume the 1098 is in your name and social security number. If so just attach a piece of white paper the same size as the tax forms. Show the following:

Mortgage interest per 1098 $X,XXX
Less amount deducted by
co-owner (X,XXX)
Mortgage interest to sch. A $X,XXX

If the 1098 is not in your name and social security number then just put the mortgage interest on the line for mortgage interest not on 1098.

Answer 2

The IRS ought to have have been provided that spectacular from the beginning up in case you have been submitting your returns spectacular. Did you checklist the condominium earnings and expenses, which incorporate the loan pastime, on time table E? in case you probably did, a speedy telephone call to remind them of that certainty must be sufficient. whether in case you haven't any longer been claiming the earnings spectacular and characteristic been exhibiting the loan pastime on time table A, that should describe it. If that's what you probably did, you need to amend all the erroneously filed returns first and then charm the denial of the homestead customer's credit. With in user-friendly terms a splash of luck this won't set off any extra tax for the years which you filed incorrectly. For 2007 via 2009 it ought to even probable bring about a splash an further refund in case you're fortunate. even ensure to get the depreciation spectacular! that would consume you alive once you sell in case you do no longer set it up spectacular from the beginning up.