Mortagage/tax question

[IHateMyJob2004]

MORTAGE QUESTION:

1) I got a loan from company A. I paid points on the mortgage.
2) Company B bought loan from company A

Company A never got a payment from us as B bought out the loan that quickly.

At the closing, we paid points and some interest up front (for the 8 days remaining in the month)

We got a 1098 from B and no points were stated.
We got nothing from A.

Should A have sent us a 1098?

How do I claim the points/interest we paid at the closing? Should B have atleast combined the interest from teh claosing into their 1098?

Arrggghhhhh

 

[Slew Foot]

You hate your job, you hate your bank, you hate your taxes...

 

[bctbct]

The answer is c) I dont know

 

[Midlander]

You should have paperwork from the closing.

 

[Midlander]

BTW, there's a tax thread.

 

[IHateMyJob2004]

Originally posted by: Slew Foot
You hate your job, you hate your bank, you hate your taxes...

Loan bought out by Country Wide and it's been a nightmare since. They F'd up all the buy out on their end (including, not getting our address right, never informing us they bought the loan, a-holes as customer support). To find they F'd up things o nteh 1098 (liek the points) would be no shock at all.

 

[IHateMyJob2004]

Originally posted by: Midlander
You should have paperwork from the closing.

I have the nubmers there (from company A). Do I have to "pretend" I got a 1098 from A? I'm usi9ng turbo tax, so I'm assumng that I should "fake" a 1098 in there (for A) to get things straightened out.

 

[IHateMyJob2004]

Originally posted by: Midlander
BTW, there's a tax thread.

I know ..... I want responses now and IMHO, the tax thread is limited since not many people are reading it often.

 

[Midlander]

Originally posted by: IHateMyJob2004

Originally posted by: Midlander
You should have paperwork from the closing.

I have the nubmers there (from company A). Do I have to "pretend" I got a 1098 from A? I'm usi9ng turbo tax, so I'm assumng that I should "fake" a 1098 in there (for A) to get things straightened out.

I'd call "A" to get the right forms. You will need them for an audit, if that were to happen.

 

[FoBoT]

Originally posted by: Midlander
You should have paperwork from the closing.

the points are on the paperwork you got at closing
it doesn't matter if they sent you something else, if you know the figures, then you know the figures

 

[IHateMyJob2004]

I AM NOT INSANE!!!!!!

"E-LOAN reserves the right to discontinue furnishing tax statements if the interest paid during the year is less than $600"

It took a while to get a new password and stuff, but e-loan online has my 1098 with all teh numbers I was expecting to see.

Thanks for the boot in my behind to contact e-loan.

IMHO: All tax info should be required to be sent BY LAW even if it was only $0.01 that I paid in interest.

-------
Fobot,

I agree 100% .... you don't need the forms particularly if audited ... you need to prove where the numbers came from. It's much easier wit hteh 1098 in hand though

 

[FoBoT]

yes that makes it easier, good job finding the form

 

[Midlander]

:beer:

 

[IHateMyJob2004]

Originally posted by: Midlander
:beer:

Not a bad idea .... BRB

 

[FoBoT]

don't do your taxes drunk

no drinking and filing!!

 

[IHateMyJob2004]

Originally posted by: FoBoT
don't do your taxes drunk

no drinking and filing!!

Hahahaha, one beer. I usually nurse a beer while doing taxes ... but only one.

 

[Midlander]

Originally posted by: FoBoT
don't do your taxes drunk

no drinking and filing!!

:laugh:

 

[AStar617]

My mortgage was bought almost immediately (days) after closing, and I got two 1098s. Sucks to be you.

 

[Whoozyerdaddy]

It doesn't matter if you don't have the points listed on your 1098. (It does... but not really)

If the points are listed on your closing documents then you have a way to prove to the IRS that you actually paid those points IF they come looking for you for declaring them wihtout them being on the 1098.

It's messy, but I doubt you'd get into any trouble over it. I had to deal with a situation this year on a similar thing where the income on the 1099 I got was put in the wrong box and they wanted me to pay a self employment tax. A letter to the IRS cleared everything up and I was off the hook.

 

[Scarpozzi]

If you wrote them a check and they cashed it, check your bank records. Then proceed to deal with the customer service of whoever has your mortgage now. It is their responsibility to collect the funds.