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Old 01-30-2017, 02:46 PM
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Mortgage Interest

In January 2016 I co-signed with my daughter for a home purchase for my daughter and husband. I gave no money and have not made any of the payments. My daughter and her husband put down at least 20% on the cost of the home and have made every mortgage payment. The financial institution who holds the mortgage sent me the mortgage statement concerning the interest paid for 2016. It came in my name only. How do we go about getting a statement that reflects my daughters name so that she and her husband can claim the interest payments on their taxes for 2016. With that statement coming in my name how does that affect me. I don't plan on claiming that interest but I am concern that it is being reported to the IRS in my name.



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Old 01-30-2017, 11:28 PM
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In January 2016 I co-signed with my daughter for a home purchase for my daughter and husband. I gave no money and have not made any of the payments. My daughter and her husband put down at least 20% on the cost of the home and have made every mortgage payment. The financial institution who holds the mortgage sent me the mortgage statement concerning the interest paid for 2016. It came in my name only. How do we go about getting a statement that reflects my daughters name so that she and her husband can claim the interest payments on their taxes for 2016. =======>>> Even if 2 names are on the mortgage, lenders only mail the form to the first borrower listed. Although only one borrower receives the 1098 form, you can split the interest on your returns if you both paid and file separatelyThe lender usually sends one 1098 mortgage interest statement to the primary borrower at the mailing address on record; To change the order of the names and reporting on future year-end tax statements, you need to call your lender's customer service line for a replacement 1098 form

With that statement coming in my name how does that affect me. I don't plan on claiming that interest but I am concern that it is being reported to the IRS in my name.==========>>as said above;UNLESS you itemize your deductions on SCh A of 1040, you CAN not claim the mortgage payments.



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