That brings up another thought. Banks must recognize DOS Violators too! On the banks personal financial statements they give to customers to fill out, it has a box that asks for “Partial Interest in Real Estate Equities” Then on the second page in Scedule C it asks:
Address & Type of Property, Title in Name Of, % Of Ownership, Date Acquired, Cost, Market Value, Mortgage Maturity, and Mortgage Amount.
If the banks didn’t recognize these, then why would they allow them to count as part of your assets on their finacial statements they give out to people to fill out?
Hmmmm?? What do you think?? Do banks recognize a DOS Violator too?? LOL
Tax Question about a “Subject to” loan - Posted by David(Ca)
Posted by David(Ca) on April 10, 1999 at 12:10:43:
The weekend before filing has arrived, gota fill out those ugly forms.
I have a Mortgage Interest Statement (form 1098) in front of me that shows all the interest I paid on a loan I took “subject to” last year. What occurs to me is that all the information reported to the IRS is in this other guys name and SSN.
So, is this going to cause a problem? I’m going to deduct the interest but the IRS will think this other guy paid it.
I think the answer has to be that I paid it, so I get to deduct it.
Posted by David(Ca) on April 11, 1999 at 15:51:30:
Rick,
… When I entered data into the “Other Interest” box, TurboTax simply asked me for the name of the borrower who’s name the loan WAS in, which I provided, and I get credit for the interest deduction.
Wow, being a DOS violater must be recognized by the IRS, why else would TurboTax make it so easy to deduct interest on somebody else’s loan.