Need IRS 1098 Mortgage Interest Paid

[Gator]

13 hours ago, Old55 said:

Any form can be directly downloaded from the IRS web site.

 

True, but the 1098 is issued by the lending institution. It's not one you fill out yourself. At least you're not supposed to, lol. 

[Old55]

6 hours ago, Gator said:

True, but the 1098 is issued by the lending institution. It's not one you fill out yourself. At least you're not supposed to, lol. 

That's right, I forgot . It's been awhile now our mortgage paid off.

[Jack Peterson]

23 hours ago, ITGeek said:

I am co-signer on mortgage, since my income was used to qualify for loan.  The title of house is in both our names, but naturally the lot it sits on is in her name.  She does have ITIN and since we're married and this is our primary residence, the mortgage interest and any taxes paid are deductible on my 1040 return.  The fun part will be trying to get the Form 1098 (Mortgage Interest Paid) from the appropriate party, whether is is RCBC or BIR.

 

12 hours ago, earthdome said:

 

13 hours ago, Jack Peterson said:

So why does he need a BIR Form?

Its not a BIR form,

 

I see that now but this where the confusion came from

[sonjack2847]

22 hours ago, Gator said:

True, but the 1098 is issued by the lending institution. It's not one you fill out yourself. At least you're not supposed to, lol. 

But If he downloaded the form couldn`t the bank fill it out.

[intrepid]

9 minutes ago, sonjack2847 said:

But If he downloaded the form couldn`t the bank fill it out.

Has someone forgotten we are in the Philippines?

But, yes they could.  However, they (the bank) are also required to send this same form and information to the United States IRS.

[AlwaysRt]

6 minutes ago, intrepid said:

Has someone forgotten we are in the Philippines?

But, yes they could.  However, they (the bank) are also required to send this same form and information to the United States IRS.

ummm, re-read your first line hahaha. The Philippines don't follow half of their own laws, why would they pay more attention to the US wayyyyyyy over-reaching law.

 

edit: A more helpful comment. Try printing the form and see if the bank manager would fill it out for you.

Edited January 26, 2017 by AlwaysRt

[sonjack2847]

36 minutes ago, intrepid said:

Has someone forgotten we are in the Philippines?

But, yes they could.  However, they (the bank) are also required to send this same form and information to the United States IRS.

No haha I didn`t forget.I have a very helpful bank and nothing seems too much trouble for them.I think if you don`t ask then you don`t know.I get your point though.

[Happyhorn52]

This has to be a problem that the IRS has seen a million times. My guess is that no foreign bank ever sends the IRS a completed form 1098. I would just get the amounts in writing from the Philippines Bank  and include the amounts on my tax return then send your support to the IRS.

[jpbago]

On 1/25/2017 at 8:04 AM, ITGeek said:

I am financing a mortgage for my home here in PI's with RCBC.  Now that it's tax season, I need to obtain an IRS Form 1098 to deduct the mortgage interest paid for tax year 2016.  I've already been advised by IRS that interest paid on foreign mortgages are deductible for my 1040 return.

By foreign mortgages, does the IRS know that foreigners are not permitted to own property in the Philippines? Maybe the IRS info refers to you actually owning the property like in the rest of the world. If you are allowed to deduct the mortgage interest against your income, when the house in your wife's name is sold, who pays the capital gains tax to the IRS?

[AlwaysRt]

39 minutes ago, jpbago said:

By foreign mortgages, does the IRS know that foreigners are not permitted to own property in the Philippines? Maybe the IRS info refers to you actually owning the property like in the rest of the world. If you are allowed to deduct the mortgage interest against your income, when the house in your wife's name is sold, who pays the capital gains tax to the IRS?

When filing a joint return what difference does it make if it is you or your wife (other than what column).