Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

how to report mortgage interest RECEIVED by individual...

Customer Question
my parents issued me a...
my parents issued me a mortgage on my home how do they report the interest i pay them. currently they issue me a 1098 and 1096 is filed aswell but the form askes for 04 # XXXXX which they dont have they then pick up int on sch b....can they treat as a gift the interest portion instead each year and just not file on this issue and apply my surplus payment to next years mortgage?
Submitted: 10 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 21 hours by:
12/14/2006
Tax Professional: Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent replied 10 years ago
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1,257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
Verified

The interest must be listed on their Schedule B (including your name, address and ss#) even if they do gift you the interest.

Total gifts to you that exceed 11000 (including this gifted interest) must also be listed by them on a Gift Tax Return which can reduce their Unified Credit for their Estate and Gifts before any gift tax is actually due.

Ask Your Own Tax Question
Customer reply replied 10 years ago
ok thanks i will accept answer shortly......forgeting the gift aspect do my parents need to fill out the 1096 and 1098 as well as the sch b?
Tax Professional: Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent replied 10 years ago
They should file form 1098 and 1096 if the interest is 600 or more since they are not a financial institution.
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1,257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
Verified
Sandi Hargrove, SkyHawks and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Sandi Hargrove, SkyHawks Your Own Question
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1,257
1,257 Satisfied Customers
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.

Sandi Hargrove, SkyHawks is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Form 886-A Deductible Home Mortgage Interest Taxpayer has
Form 886-A Deductible Home Mortgage Interest Taxpayer has $1,000,000 in Grandfathered debt. Line 9 Form 886-A - is this line amount after deducting the garandfathered debt… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I entered my mortgage interest in the section marked
I entered my mortgage interest in the section marked mortgage. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a question about gift of equity, gift tax, and
I have a question about gift of equity, gift tax, and capital gains … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
What is the max. gift tax as proposed in 2017 and 2018 by
What is the max. gift tax as proposed in 2017 and 2018 by President Trump? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Information on Gift tax return. My 100 year old mother wants
my 100 year old mother wants to gift the balance of a home loan to my brother, Balance is aprrox $35,000. What are the mechanics? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
This is a question regarding gift tax. I am and have been a
I am and have been a resident in Spain for many years. My only property is here and I work and pay my taxes here. My father who is a UK resient of UK nationality wishes to gift me his house. I will have to declare this gift to the Spanish tax office and pay the Spanish gift tax. Am I also obliged to pay the UK Inlad Revenue the gift tax even though I have already paid tax on the gift in Spain? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
A Form 1041 is filed for a Credit Shelter Trust & shows a
A Form 1041 is filed for a Credit Shelter Trust & shows a loss on the Taxable Income line (Page 1, line 22). Is this loss carried forward?… read more
abci168
abci168
Principal
27 satisfied customers
1098 Mortgage interest form: My wifes name is on the loan
1098 Mortgage interest form: My wifes name is ***** ***** loan and on this form, however, I've been making the payments and would like to claim this on my tax return … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
I have a question regading a gift tax. We (my fiancee and I)
We (my fiancee and I) are purchasing a home cash. Her father is providing the cash. He will have a lien on our new home and we will be paying him back in 6 months when we plan to refinance the home fully under our names. Because he is "gifting" us $400k+, what are the tax consequences for him? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Tax question - Form 1099, Line 8 Tax Exempt Interest
Tax question - Form 1099 , Line 8 Tax Exempt Interest reflects $500; OID 1099 is 0. Under heading Detail for tax exempt interest it says tax exempt interest is $300. Under Detail for Tax Exempt OID it… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
Same question on the taxation of interest and dividends (on
Same question on the taxation of interest and dividends (on mutual funds) earned inside a disclaimed portion trust ... disclaimer trust . The original owner of a trust passed and the spouse declined a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I was just wondering about gift taxes and if a receiver of
I was just wondering about gift taxes and if a receiver of land would be liable for gift tax in the US if the person giving the gift and the land is in a different country … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
I'm. A have a question about gift tax. It's about rental
Hello! I'm Jane. A have a question about gift tax. … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
The $14,000 gift tax exemption per person - can the gifts
The $14,000 gift tax exemption per person - can the gifts only be transferred to spouses and children or can it be given to son-in-law?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
Is there a gift tax involving for an none US resident to
Is there a gift tax involving for an none US resident to gift to another none US resident ? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I have a question regarding gift tax. If a US resident wire
I have a question regarding gift tax. If a US resident wire transfer money to a foreign relative(not a US citizen or resident), what are the requirements in terms of gift tax? Are there any forms to f… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I've prepared gift tax returns for my mom's trust for three
I've prepared gift tax returns for my mom's trust for three years. I've shown 100% of all funds put into the trust in the year funded. All gifts have been in cash and are immediately available for dis… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How do I have to amend a Gift Tax return? The original
How long do I have to amend a Gift Tax return? The original return did not indicate that the gift should be part of the lifetime gift tax exclusion. I want to correct that mistake. The gifts totaled a… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x