Question

new house and form 1098

Forum|Forum|4 years ago
February 24, 2022
1 reply
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Hi,

My son and GF bought a house 12/2022. My son got form 1098, GF did not. On filing their taxes (Turbotax) separately, each is better off taking the standard deduction . Since using the standard deduction is it necessary to state there is a form 1098 and fill that information in Turbotax ?

Thanks

A

AamilD

No, it is not necessary to enter your 1098 information if you are taking the standard deduction. However, there are some states which may allow for interest deductions so its a good idea to enter it to see if there are any state benefits.

Additionally, it would be a good idea to input it just for record keeping purposes so that next year you can have an idea on the potential deductions available.

P

PadlwAuthor

If the 1098 data was entered as you note, I assume the data somehow has to be divided and reported on both my son and GF tax filing ??

LeonardS

Yes, the amount reported by your son and GF will be based on their percentage of how much each paid. For example, if they split the payments equally then each would claim 50%. If they take the standard deduction then they will not be able to claim the deduction.

The standard deduction amounts are: