The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Mortgage Sold How To Report||Date: 1/19/2000 8:31 PM|
|Author: ptheland||Number: 25530 of 125861|
I bought a house in August. I paid one payment to the original lender and then the motgage was sold to another.
So far I have received a 1098 from the second lender, which only includes details of payments made to this lender.
Should I receive a 1098 from the first lender as well? I am working TurboTax to complete my return - how do I cope with the fact that this transfer occurred?
Be patient. Your first lender will almost certainly get their 1098 to you. They are not required to be distributed until Jan 31. Some lenders need more time than others.
Also I paid a small amount of interest at closing. I assume this simply reported in Schedule A at Line 5e - it won't show up on any 1098 I might or might not receive - am I right?
In my experience, the lender *will* include this interest payment on their 1098. If for some reason they don't include it, take the deduction anyway. It sounds like you've got all the records you need to substantiate the deduction, so there's no need to worry if big uncle ever asks to look over your shoulder.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|