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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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
your father should have given you a 1098 not a 1099
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-----> real address on hobokeni or hobokenx
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