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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What about 1098's on a Subject-To? Posted by SeanW on April 24, 2003 at 9:04 PM In Reply to: Re: SHORT SALE posted by TheShortSalePro on April 24, 2003 at 3:16 PM Suppose you hold a house 3 months while fixing and marketing it, and pay some interest. That's a business expense to you-- so you deduct it from your taxable gain. But it also shows up on the 1098 for the ex-owner, and he deducts it on his personal return. Seems like the IRS might not like the "double dipping". What if you used a Land Trust to take title? Would those 3 months of interest just vanish into nowhere, or would they still appear on the ex-owner's 1098? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Suppose you hold a house 3 months while fixing and marketing it, and pay some interest. That's a business expense to you-- so you deduct it from your taxable gain. But it also shows up on the 1098 for the ex-owner, and he deducts it on his personal return. Seems like the IRS might not like the "double dipping". : What if you used a Land Trust to take title? Would those 3 months of interest just vanish into nowhere, or would they still appear on the ex-owner's 1098? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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