Question 1

There are multiple property owners on the loan, but you have only reported the interest under one Social Security number. Why did you not report under both Social Security numbers?

Stan Shinn · Accepted Answer

The IRS requires us to report mortgage interest received from the “Payer of Record” on a loan. We report it in the name and Social Security number of the first person listed on the billing statement, who is also known as the primary borrower. Rushmore does not determine how the interest is claimed on your tax return. You should seek assistance from a tax professional to ensure you are claiming the correct amount. Rushmore is not a law firm or tax advisor, and does not provide tax advice.

Question 2

There are multiple property owners on the loan, but you have only reported the interest under one Social Security number. Why did you not report under both Social Security numbers?

Stan Shinn · Accepted Answer

The IRS requires us to report mortgage interest received from the “Payer of Record” on a loan. We report it in the name and Social Security number of the first person listed on the billing statement, who is also known as the primary borrower. Rushmore does not determine how the interest is claimed on your tax return. You should seek assistance from a tax professional to ensure you are claiming the correct amount. Rushmore is not a law firm or tax advisor, and does not provide tax advice.