Posted by Jim FL on March 11, 2002 at 24:21:29:
Disclaimer: I am not a tax expert, attorney or CPA.
With that said, sure, the 1099 will have the original barrowers name on it, no big deal.
When you do your taxes, take a look at the forms, or the software you use to prepare it.
You will be asked if the 1099 has your name on it or not, just answer “No”.
The form should them ask who’s name is on it, and you just fill that in.
Since you made the payments, you get the tax benefits, regardless of who the 1099 has on it.
Search the archives here, there are some great posts on the subject, as well as some on legalwiz.com as I recall.
P.S. If you want a more “Qualified answer” try to post this ? on the lagal forum here, surely John and Bill can answer you in more detail.