I had a similar situation with my son's account. We ended up calling Marcus directly and they helped us remove me as a joint owner and make him the sole owner since he's over 18 now. That way the 1099-INT goes directly to him and there's no confusion. The whole process took about 20 minutes on the phone and they emailed the forms we needed to sign. Super simple solution and avoids all the tax complications people are discussing here.

This is a great question that many parents face when helping their adult children with better banking options. Based on the discussion here, it sounds like the cleanest solution is to contact Marcus directly and have yourself removed as a joint owner, making your kids the sole owners of their respective accounts. Since they're adults (23 and 24) and have been filing their own taxes independently, this makes the most sense. The 1099-INT will then be issued directly to them with their SSNs, and they can report the interest income on their own returns without any complications. If for some reason you need to stay on as a joint owner for backup purposes, then whoever's SSN is primary on each account needs to report the interest income. But honestly, given that they're responsible adults managing their own finances, removing yourself as a joint owner seems like the simplest path forward that avoids all the tax reporting complexities.

Just keep in mind that reverse exchanges are way more expensive - we paid almost $12K in additional fees for ours. Make sure the tax savings actually outweigh the costs!

Great discussion here! I'm actually in the middle of a reverse 1031 exchange right now and wanted to share a few additional tips that have helped me: 1. Start your property search for the replacement property early and get pre-approved financing lined up. The 180-day clock starts ticking the moment you close on the replacement property, so you want to be ready to move quickly on selling your relinquished property. 2. Consider hiring a real estate agent who has experience with 1031 exchanges. They understand the timeline pressures and can help price your original property aggressively to ensure it sells within the exchange period. 3. Have your tax documents and property records organized before you start. The QI will need detailed information about your original property's basis, improvements, and depreciation history. The reverse exchange process definitely requires more coordination than a standard exchange, but it's been worth it for us to secure the replacement property we really wanted. Just make sure you have a good team - QI, real estate agent, accountant, and lender who all understand the process and timelines involved.

I went through the exact same situation when I bought my house two years ago! My mortgage was sold before my first payment too, and the new servicer's 1098 was missing the points. Here's what worked for me: I called the original lender (the one who actually processed my closing) and explained that their 1098 reporting was incomplete since the loan was sold. They were actually pretty helpful once I got through to the right department - turns out this happens frequently when mortgages are sold quickly after closing. They issued a corrected 1098 within about 10 business days. The key is to have your loan number from the original lender (should be on your closing documents) and your closing disclosure showing the points payment. If for some reason you can't get the corrected 1098, you can absolutely still claim the deduction using your closing disclosure as supporting documentation. Just make sure to keep detailed records in case of any questions later. The closing disclosure is an official HUD document, so it carries a lot of weight as proof of what you actually paid. Don't stress too much about it - this is more common than you'd think with how often mortgages get sold these days!

I actually work for a tax prep company and see this exact scenario multiple times every tax season! When mortgages are sold quickly after closing (especially before the first payment), the points reporting often gets lost in the shuffle between lenders. Here's the good news: you have several solid options. First, definitely try contacting the ORIGINAL lender who handled your closing - they're the ones responsible for reporting those points since you paid them at closing. Have your original loan number and closing disclosure ready when you call. If they're unresponsive or unhelpful, don't panic. Your closing disclosure is actually considered primary documentation by the IRS for points paid. You can claim the full $4,500 deduction on Schedule A using that document as support. Just make sure to keep detailed records and maybe include a brief note about the 1098 discrepancy when you file. Since this was for your primary residence purchase (not a refinance), the points should be fully deductible this year rather than amortized over the loan term. The fact that they're specifically listed as "discount points" on your closing disclosure makes this pretty straightforward. One tip: if you do get pushback from the original lender, mention that this is required tax reporting under IRS regulations - sometimes that gets you transferred to someone who actually knows what they're doing!

Has anyone used TurboTax for reporting gambling winnings? Does it walk you through the process well or should I use a different tax software?

One thing I'd add that hasn't been mentioned yet - keep ALL your receipts from the casino, not just the W-2G forms. This includes ATM receipts, food/drink receipts, parking receipts, even hotel receipts if you stayed overnight. These help establish a timeline and can support your gambling activity documentation. Also, consider opening a separate bank account just for gambling if you plan to do this regularly. It makes tracking so much easier come tax time. You deposit your gambling bankroll, withdraw winnings, and everything is cleanly separated from your regular finances. And remember - gambling winnings are subject to both federal AND state taxes in most states, so don't forget to check your state's specific requirements. Some states have different thresholds for reporting than the federal government.

Did you check if your spouse's SSN was used instead of yours when making the payment? That's what happened to me with our joint return. The payment was showing up under my wife's account but not mine, even though I was the primary taxpayer. Such a stupid system that they can't link payments between spouses on joint returns!

Great news that you found the issue with using your spouse's SSN instead of yours! This is such a common mistake with joint returns. When you call the IRS tomorrow, make sure to have both your receipt from pay1040.com and your bank statement ready. Tell them specifically that the payment was made using your spouse's SSN but needs to be transferred to your account as the primary taxpayer. They should be able to locate the payment in their system and reapply it correctly to your return. Also mention the collection notice number from the letter you received - this will help them pull up your case quickly. Once they transfer the payment, ask them to send you a written confirmation and to remove any penalties that may have been assessed. You might also want to update your post with this resolution since it could help other people who run into the same issue. The SSN mix-up on joint returns seems to trip up a lot of folks!