Interest Deduction for Subject To purchase

[Philip Pring]

Hello BP Members.

Question: when you purchase a property "Subject to the Mortgage" and you get a Mortgage Interest Statement from the Bank (1098) at the end of the year, How is the interest paid the lender accounted for? The Loan is in the borrowers name, and the borrowers SS# is on the 1098. The Property deed is in the buyers name. Is the interest paid prorated to closing date? or does the seller get to deduct the interest or how is it accounted for? Should the form 1098 be forwarded to the Seller or what?

Thanks A Bunch

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