Mortgage Interest Deduction - No 1098

[Lee B]

I am finishing up a 1040 return where my clients purchased a home in 2013 from 2 individuals,

not married, via a contract. The payments are made 50/50 to the two individuals who also live in two

different states. The ATX worksheet only gives you room to enter one name, address & SSN.

 

What is the best way to handle this?

[Max W]

File a paper return with an attachment to Sch A Line 11 with the required info.

On Sch A, type in on the name or address line "See attachment", and enter the amount.

[Jack from Ohio]

Create a pdf copy of the document mentioned by Max, attach to the return, and e-file.

[Lee B]

After some trial and error, I linked an itemized list to the $ amount box on Line 11 of Schedule A

and entered the two individuals payee info on the itemized list.  Everything flowed OK and the program accepted it.

Haven't created the efile yet. Film at 11.

[jklcpa]

The worksheets aren't sent with the e-file. I'd create either a pdf of that worksheet or create another pdf document with the required information to be attached if you are planning to e-file the return. Otherwise, paper file the return with the documentation.

[Richcpaman]

CB:

 

Revenue opportunity.  Prepare the 1098's on behalf of the folks getting the interest.

 

Rich

[JohnH]

This is from the instructions for Form 1098:

(Just an FYI)

 

 

Who Must File

File this form if you are engaged in a trade or business and, in the course of such trade or business, you receive from an individual $600 or more of mortgage interest on any one mortgage during the calendar year. You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. You are not required to file Form 1098.

[Jack from Ohio]

This is from the instructions for Form 1098:

(Just an FYI)

 

 

Who Must File

The buyer makes mortgage payments to you. You are not required to file Form 1098.

The key words are NOT REQUIRED!  Anyone receiving interest can issue a 1098-INT. It is a good paper trail for both the recipient and the payer.

Such ranting over minutia!!!

Edited September 27, 2014 by kcjenkins

[JohnH]

A letter, memo, email, fax, or printout of a text is an equally good paper trail.

[easytax]

The key word is REQUIRED! Anyone receiving interest can issue a 1098-INT. It is a good paper trail for both the recipient and the payer.

Such ranting over minutia!!!

Jack --- perhaps this is practice for a future "political career"????

After all --- isn't "minutia" what politics strive for ---?

As a second thought --- perhaps they are like me --- "anal" and want to make sure of what is said and done properly. NOW, I am scared --- maybe I have a politicians tendencies too???

[Jack from Ohio]

Edited my post to include the word - NOT

[JohnH]

_{You could have left it like it was - it made sense.}

_{But now that you made the change, you have two more edits to make (subject and verb),  if you want agreement between them and the plural object.} 

[Lee B]

This the email response that I received from ATX:

 

"No, itemized lists are not included in an efile.  If you want this information to be included in an e-file, use a blank statement which you can find by adding a Elections/Statements form.  Locate the Blank Statements tab at the bottom, and enter the information here. "

If you need further assistance, please contact our customer support department at 1-800-638-8291.
Thanks for using our products!
Tabitha Ervin
Customer Service Level 4 Representative

 

So i will go ahead and use a blank statement.

[Jack from Ohio]

This the email response that I received from ATX:

 

"No, itemized lists are not included in an efile.  If you want this information to be included in an e-file, use a blank statement which you can find by adding a Elections/Statements form.  Locate the Blank Statements tab at the bottom, and enter the information here. "

If you need further assistance, please contact our customer support department at 1-800-638-8291.

Thanks for using our products!

Tabitha Ervin

Customer Service Level 4 Representative

 

So i will go ahead and use a blank statement.

Too much trouble!!  My method is much simpler!!