1099-Misc and 1098 misalignment

Forum|Forum|3 years ago
February 20, 2023
1 reply
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My husband and I have a rental property. We moved the property to an LLC via quit claim deed. We correctly received a 1099-Misc for our rental income associated to our LLC's EIN. However, our 1098 for mortgage expenses is still associated with our personal Social Security numbers. Will we be able to list the mortgage expenses on our LLC tax form?

HopeS

By creating an LLC (owned by you and your wife) you would need to file a Form 1065 to report all income and expenses. See the link below Partnership Return.

TurboTax Small Business

However, the question about the mortgage interest is technically a legal question. Since the property has a mortgage on it, and if you changed anything on the title of the property without the written consent of the mortgage holder, you may have violated the terms of the mortgage.

@dlm202

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