topic The rehab loan for our home is from a family member, do I enter the interest expense? Do we make our own 1098 and 1099-INT forms? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-rehab-loan-for-our-home-is-from-a-family-member-do-i-enter-the-interest-expense-do-we-make-our/01/383967#M48288 Tue, 04 Jun 2019 18:41:13 GMT rvneilson 2019-06-04T18:41:13Z The rehab loan for our home is from a family member, do I enter the interest expense? Do we make our own 1098 and 1099-INT forms? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-rehab-loan-for-our-home-is-from-a-family-member-do-i-enter-the-interest-expense-do-we-make-our/01/383967#M48288 Tue, 04 Jun 2019 18:41:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-rehab-loan-for-our-home-is-from-a-family-member-do-i-enter-the-interest-expense-do-we-make-our/01/383967#M48288 rvneilson 2019-06-04T18:41:13Z The interest on the loan is deductible only if the mortga... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-interest-on-the-loan-is-deductible-only-if-the-mortga/01/383968#M48289 <P>&nbsp;</P><P>&nbsp;</P><P><SPAN>The interest on the loan is deductible only if the mortgage is a <STRONG>secured </STRONG>debt.&nbsp; According to IRS <A href="https://www.irs.gov/pub/irs-pdf/p936.pdf" target="_blank" rel="nofollow noopener">Pub. 936, Home Mortgage Interest Deduction</A>:</SPAN></P><P>&nbsp;</P><BLOCKQUOTE><P><STRONG><FONT color="#000000"><I>You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: </I></FONT></STRONG></P><BLOCKQUOTE><UL><LI><STRONG><FONT color="#000000"><I>Makes your ownership in a qualified home security for payment of the debt, </I></FONT></STRONG></LI><LI><STRONG><FONT color="#000000"><I>Provides, in case of default, that your home could satisfy the debt, and </I></FONT></STRONG></LI><LI><STRONG><FONT color="#000000"><I>Is recorded or is otherwise perfected.</I></FONT></STRONG></LI></UL></BLOCKQUOTE></BLOCKQUOTE><P>There must be a written, recorded document for the interest to be deductible as home mortgage interest.</P><P>You do <STRONG>not </STRONG>have to prepare a 1098 or 1099-INT form.</P><P><BR /><BR /><BR /><BR /></P> Tue, 14 Apr 2020 18:31:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-interest-on-the-loan-is-deductible-only-if-the-mortga/01/383968#M48289 IreneS 2020-04-14T18:31:32Z
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topic The rehab loan for our home is from a family member, do I enter the interest expense? Do we make our own 1098 and 1099-INT forms? in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-rehab-loan-for-our-home-is-from-a-family-member-do-i-enter-the-interest-expense-do-we-make-our/01/383967#M48288
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The rehab loan for our home is from a family member, do I enter the interest expense? Do we make our own 1098 and 1099-INT forms?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-rehab-loan-for-our-home-is-from-a-family-member-do-i-enter-the-interest-expense-do-we-make-our/01/383967#M48288
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The interest on the loan is deductible only if the mortga...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-interest-on-the-loan-is-deductible-only-if-the-mortga/01/383968#M48289
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<P>&nbsp;</P><P>&nbsp;</P><P><SPAN>The interest on the loan is deductible only if the mortgage is a <STRONG>secured </STRONG>debt.&nbsp; According to IRS <A href="https://www.irs.gov/pub/irs-pdf/p936.pdf" target="_blank" rel="nofollow noopener">Pub. 936, Home Mortgage Interest Deduction</A>:</SPAN></P><P>&nbsp;</P><BLOCKQUOTE><P><STRONG><FONT color="#000000"><I>You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: </I></FONT></STRONG></P><BLOCKQUOTE><UL><LI><STRONG><FONT color="#000000"><I>Makes your ownership in a qualified home security for payment of the debt, </I></FONT></STRONG></LI><LI><STRONG><FONT color="#000000"><I>Provides, in case of default, that your home could satisfy the debt, and </I></FONT></STRONG></LI><LI><STRONG><FONT color="#000000"><I>Is recorded or is otherwise perfected.</I></FONT></STRONG></LI></UL></BLOCKQUOTE></BLOCKQUOTE><P>There must be a written, recorded document for the interest to be deductible as home mortgage interest.</P><P>You do <STRONG>not </STRONG>have to prepare a 1098 or 1099-INT form.</P><P><BR /><BR /><BR /><BR /></P>
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<pubDate>Tue, 14 Apr 2020 18:31:32 GMT</pubDate>
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