I'm not on the loan (1098) but assumed all costs of the mortgage.
Based upon Reg § 1.163-1(b) I can claim mortgage interest on the loan eventhough I'm not on the loan.
Since selling the home a few years ago, I don't have my statements showing proof of payments.
If the person on the loan(1098) writes a letter and notorizes it stating that I've made on payments and is allowed to claim said deductions, would this be good enough.
2007-12-29 07:56:52 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
sent an inquiry to the bank asking if its possible to order statements. SInce its 2003. I pretty much shredded all this stuff.
2007-12-29 08:30:04 · update #1
You can claim the interest deduction if you paid it. You do not have to have a 1098. But you have to have evidence that you paid the interest. Your canceled checks constitute such evidence, or deductions from your bank account.
A letter from the person can help as evidence, whether or not it is notarized.
2007-12-29 08:08:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No proof, no deduction.
It's generally too late to amend the 2003 tax return (unless you are still paying the tax bill off).
Plus when claiming that you are entitled to the deduction under 163-1(b) "Equitable Ownership" you may still be denied and have to try to take it to tax court. Getting to be the "deemed owner" is often difficult. Besides the mortgage, what else were you paying for?
2007-12-29 08:00:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot deduct home mortgage interest which you are not obligated to pay, even if you pay it. Thus, if your name is not on the mortgage, you cannot deduct the interest. The person named on the mortgage cannot claim the interest deduction either, since that person is obligated to pay it, but did not. You did.
Please refer to IRS Publication 936, Part I, explaining that you must be legally liable for the debt.
2007-12-29 09:38:44 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
What a terrible concept to start the day on...Jacqui Smith. No ask your self her husband has taken to 5 finger shuffles and mucky movies. MPs have been taking us for fools for lots too long and now that they are being asked to legitimise their expenses, they're squealing like pigs. the seen Jacqui Smith's intercourse existence is undesirable sufficient, yet are you able to think of Gordon's? that massive, dishevelled face looming over you. His cupid bow lips puckered up. I guess he's a moist kisser and dribbles on your mouth. he's not a Mr Darcey, is he?
2016-10-20 07:36:23 · answer #4 · answered by kosmoski 4 · 0⤊ 0⤋
Contact your bank - they should be able to produce those statements.
2007-12-29 08:16:06 · answer #5 · answered by Ron da Don 3 · 0⤊ 0⤋