Home interest deduction?
On my 1098 is showing my name and co owner name but it is showing my co owner social security number. is that gone be problem with the irs? can i report it in schedule A 8A?
- Max HooplaLv 72 months ago
If you and the co-owner are responsible for paying the loan and you pay it, you can deduct it. If IRS questions it you have the documentation.
- Pepper, PhDLv 62 months ago
It is not going to be a problem not having your SSN on the form. You are still entitled to deduct your share of the interest. Make sure you and your co-owner are in agreement about what share you are going to deduct. If he/she deducts 100% and you deduct 50%, it will be a problem. This all assumes that the co-owner is not your spouse who you are filing jointly with.
Are you sure you will be filing a Schedule A? The standard deduction is high enough, most people no longer need to itemize.
- Anonymous2 months ago
Follow the schedule A instructions page 9 under "more than one owner" (unless your co-owner is a spouse and you file jointly). You can only deduct your share.
Since it isn't your SSN, you will use line 8B.
- 2 months ago
You can claim it, if you paid the mortgage.