1098 Tax Form – 2 names, one social question?
Written By: admin on August 28, 2009
One Comment
My partner and I (unmarried) bought a house last spring. I want her to claim the house since she makes significantly less than me. Both of our names are on the 1098 form and the HUD Settlement statement. But, only my social security is on the 1098. What can I do so she can claim the mortgage interest.
I appreciate any help!
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Tags: 1098 form, HUD Settlement, hud settlement statement, last spring, mortgage interest, social securityTags: 1098 form, hud settlement statement, last spring, mortgage interest, social security
Um, the person making MORE, should claim the mortgage interest, no?
But if you really want her to claim ALL the mortgage interest, your partner should do the following, per Publication 936:
More than one borrower.
If you [YOUR PARTNER] and at least one other person (other than your spouse if you file a joint return) [YOU] were liable for and paid interest on a mortgage that was for your home, and the other person [YOU] received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form [YOU]. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.