OfflineBought a property subject to about six months into ownership from the previous owner. The mortgage is still in their name. They put a huge down payment on the property, immediately hit financial hardship and I redeemed the delinquent amount and took over payments. Now, it's time for the mortgage interest deduction. It went to the property in the names of the sellers.
How do I handle this? Do I take the deduction? Do I allow them to take the deduction and 1099 them and create a 1098 for myself?
All new to me...
Thanks!
C
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Not sure on this but you should probably talk to your accountant. He should be updated on your deals either way.