Income taxes - help

[jessegirl]

Hi All,

I am in a chapter 13, only paying back my first mortgage arrears and that is it. I am in a chapter 13 only to strip a lein...I am paying back first mortgage payments only. My mortgage payments are interest only payments. Stupid I know, but thats what it is.. Will I get a 1098 from the mortgage company showing the amount that I am paying them back from the chapter 13 being that the payment is all interest? I did get a 1098 from mortgage company for the 1st mortgage and then chapter 13 (arrears) is also with the same company.

Also, i am only paying back the arrears of the first mortgage. I am in a 48 month plan. Can I pay that off early? It is a 100% payback. I am about 14 months into the plan.

Thanks..

[chicagoed195]

I received a 1098 for my regular payments outside of the Chapter 13.It did not include any of the payments made by the trustee on the arrearages. I did not receive a 1098 for any of the payments made by the trustee.

You can set up an account at 13datacenter.com to view the transactions paid by your trustee(if the trustee participates-many do) and print out a report of amounts paid during the calendar year to your mortgage company. You should consult with your tax professional, but I believe that the amounts paid on the arrearages should first be applied to unpaid interest. It should probably be listed on your return as mortgage interest paid, no 1098 received.