Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-25-2017, 07:56 PM
Junior Member
 
Join Date: Jan 2017
Posts: 1
1098 Mortgage Interest Received

My wife and I divorced in 2014 after 27 years and we both moved out of the house and I surrendered the keys to the mortgage company and they winterized the house waiting for the sheriffs sale, we had filed bankruptcy 7 years prior and did not reaffirm the loan but we continued to live in the house and make the monthly payments until the divorce and she surrendered all rights to me so I could turn it over to the mortgage company which I did but she filed bankruptcy again the day after the sheriffs sale and the judge froze the transfer from my name to the new owner for two years so the house set empty and I was liable for maintenance. The property was transferred out of my name in February 2016 and I received a 1098 this week showing I paid 9800.00 in interest in 2016 when my last payment was in 2014 so I called the mortgage company to ask how it was paid and they said that it was paid from the sheriffs sale and the house was still in my name and the account was still open so I received the 1098 showing I paid the mortgage interest. Am I allowed to claim the mortgage interest on my taxes if I did not pay it directly?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-26-2017, 05:29 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,650
Quote:
Originally Posted by buckeyered View Post
My wife and I divorced in 2014 after 27 years and we both moved out of the house and I surrendered the keys to the mortgage company and they winterized the house waiting for the sheriffs sale, we had filed bankruptcy 7 years prior and did not reaffirm the loan but we continued to live in the house and make the monthly payments until the divorce and she surrendered all rights to me so I could turn it over to the mortgage company which I did but she filed bankruptcy again the day after the sheriffs sale and the judge froze the transfer from my name to the new owner for two years so the house set empty and I was liable for maintenance. The property was transferred out of my name in February 2016 and I received a 1098 this week showing I paid 9800.00 in interest in 2016 when my last payment was in 2014 so I called the mortgage company to ask how it was paid and they said that it was paid from the sheriffs sale and the house was still in my name and the account was still open so I received the 1098 showing I paid the mortgage interest. Am I allowed to claim the mortgage interest on my taxes if I did not pay it directly?
You can still benefit from the tax deductions associated with home ownership. you may have not seen the money, but since you got the 1098 in your name, then in the deal (short sheriff ?s sale) you were credited with having paid the interest.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I claim Mortgage Interest and Real Estate taxes if I'm not listed on the Mortgage?? Dean242424 Itemized Deductions 2 04-26-2016 09:35 AM
mutiple 1098 - assumed mortgage hunter31 For 2014 0 02-19-2015 11:22 PM
Mortgage Interest Clboyd09 Divorce Tax Issues 4 01-11-2014 11:15 PM
Can I Claim Mortgage Insurance Premiums not listed on 1098 Danyael32 Itemized Deductions 3 04-13-2011 12:58 AM
MFS: mortgage in spouse's name; payments via joint account; mortgage interest / real estate deduction options ohjustbob Itemized Deductions 1 03-08-2011 01:08 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning