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Subject Author Date
1099 form mkd711 02-14-2007
|--> Re: 1099 form Harlan Lunsford02-17-2007
`--> Re: 1099 form Benjamin Yazers...02-17-2007
Posted by mkd711 on February 14, 2007, 9:41 pm
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 My girlfriend and I both own and make payments own our houe.
The money we used to purchase it was borrowed from my dad.
My dad now has gave us both a 1099 form so we can write off
the interest paid as a deduction on our taxes. We are going
to file sperately. My dad basically just split the interest
paid in half and wrote the 1099 form with that amount posted
and the other half was given to my girlfriend. Is this
acceptable? Can I now pay my taxes as normal?

Thanks

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Posted by Harlan Lunsford on February 17, 2007, 4:58 am
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 mkd711@hotmail.com wrote:

> My girlfriend and I both own and make payments own our houe.
> The money we used to purchase it was borrowed from my dad.
> My dad now has gave us both a 1099 form so we can write off
> the interest paid as a deduction on our taxes. We are going
> to file sperately. My dad basically just split the interest
> paid in half and wrote the 1099 form with that amount posted
> and the other half was given to my girlfriend. Is this
> acceptable? Can I now pay my taxes as normal?

Nothing normal about this case. Why on earth would he be
giving y'all 1099 forms? That form is for payers to report
what they have paid to people who have received monies of
some type, e.g. interest, dividends, rents.......

Now perhaps you really mean a 1098 form? That is used by
financial institutions to report to the payer and to IRS
interest received by them by mortgagors, in this case you.

It is not proper for an individual (who is not in the
business of lending money) to use this form, and indeed it
is not necessary for you to have in order to deduct real
mortgage interest. If your father has a lien recorded down
at the courthouse then all he has to do is tell you how much
interest and you can use that on schedule a.

ChEAr$,
Harlan Lunsford, EA n LA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Benjamin Yazersky CPA on February 17, 2007, 4:58 am
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> My girlfriend and I both own and make payments own our houe.
> The money we used to purchase it was borrowed from my dad.
> My dad now has gave us both a 1099 form so we can write off
> the interest paid as a deduction on our taxes. We are going
> to file sperately. My dad basically just split the interest
> paid in half and wrote the 1099 form with that amount posted
> and the other half was given to my girlfriend. Is this
> acceptable? Can I now pay my taxes as normal?

your father should have given you a 1098 not a 1099

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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