What happens if both people try to claim the mortgage interest? My gf and I split the mortgage payments (she's on the loan, I'm not), and her 1098 obviously shows the full interest amount. If I try to claim my portion as an "equitable owner" and she claims her portion, will that trigger problems?

I've been following this thread closely since I'm in a very similar situation. One thing I want to add that hasn't been mentioned much is the importance of timing when creating your written agreement. While you don't need to backdate anything, I'd strongly recommend creating that ownership agreement ASAP before you file your taxes. The IRS looks favorably on contemporaneous documentation - meaning paperwork that exists at the time the situation is happening, not created after the fact when you're trying to justify a tax position. Also, make sure your agreement is specific about percentages. Don't just say "in exchange for mortgage payments, I have an ownership interest." Be clear: "In exchange for paying 100% of the mortgage payments, I am entitled to X% ownership interest in the property's equity." This specificity will help a lot if you ever get questioned. One last tip - consider having your girlfriend explicitly state on her tax return that she's NOT claiming the mortgage interest deduction because someone else (you) is claiming it as an equitable owner. This coordination between your returns shows the IRS you're not trying to hide anything.

I've been an escrow officer for 15 years and I see this confusion all the time. Here's what actually happens: At closing, we calculate a prorated amount of taxes based on who owns the property on which days. This appears on your settlement statement. But that's just an adjustment between buyer and seller - it doesn't change what each of you actually PAID to the tax authority. For tax deduction purposes, you can only deduct property taxes YOU actually paid to the tax authority (usually through your mortgage company). If your Box 10 shows $5000, but your settlement statement shows the seller credited you $2000 for their portion of taxes, your actual deduction should be $3000. The IRS cares about economic burden - who actually bore the cost of the tax, not who physically sent the money to the tax collector.

This is exactly the kind of situation that trips up so many homeowners! You're right to question the "just use Box 10" approach - it's often not that simple when you buy mid-year. From what you've described, it sounds like you need to go with your second option: calculate (total tax bill) - (seller paid taxes at closing) = your deductible amount. The key principle is that you can only deduct property taxes that represent YOUR economic burden. Since you mentioned the seller-paid portion at closing was less than it should have been based on their ownership period, you essentially overpaid for their portion. But that doesn't change the fact that you can only deduct what you're actually responsible for as the property owner. Here's what I'd recommend: Look at your settlement statement for the property tax adjustment line. If it shows the seller credited you money for taxes, subtract that from your Box 10 amount. If it shows you paid the seller for prepaid taxes, add that to your Box 10 amount. The goal is to arrive at the total amount you actually paid that corresponds to your period of ownership. Don't worry about prorating based on days - focus on the actual financial transactions and adjustments that occurred.

This thread has been incredibly helpful! I'm in a similar situation with Energy Transfer and have been struggling with the same confusion about whether to enter the partnerships separately or combined. One thing I wanted to add that might help others - I found that keeping a simple Excel spreadsheet with columns for each tax year has made tracking my basis much easier. I have columns for: Starting Basis, Box 19A (return of capital), Taxable Income Allocated, and Ending Basis. It takes a few minutes each year but saves hours of reconstruction later. For anyone still confused about the partnership breakdown, I called Energy Transfer's investor relations line (1-800-248-4536) last year and they were actually pretty helpful in explaining how their K-1 structure works. They confirmed that yes, you should enter each entity separately using the breakdown information, not the combined totals. The representative also mentioned that they've been working on making their K-1 forms clearer because they get a lot of calls about this exact confusion. Hopefully future years will be less confusing for all of us!

As a tax professional who deals with MLP K-1s regularly, I want to emphasize a few critical points that haven't been fully covered: First, regarding the Energy Transfer structure - you're absolutely correct to enter ET, USAC, and SUN as separate partnerships. However, make sure you're allocating the income and deductions proportionally based on ET's ownership percentages in each subsidiary, not just copying the breakdown amounts directly. Second, be extremely careful with passive activity loss rules. Energy Transfer activities are generally considered passive for individual investors, which means any losses can only offset other passive income or be carried forward. This is particularly important if you have losses from any of the three entities. Third, for state tax purposes, you may need to file returns in multiple states where these partnerships conduct business. Energy Transfer operates across many states, and some states require non-resident returns even for small amounts of income allocation. Finally, I strongly recommend keeping detailed records of all your MLP investments beyond just basis tracking. The IRS has been increasing scrutiny of MLP reporting, and having comprehensive documentation is essential if you're ever audited. The complexity is real, but with proper attention to detail, MLP investments can be very tax-efficient over the long term.

As someone who dealt with this exact frustration last month, I want to share what finally worked for me. The key is understanding that different issues require different approaches: **For refund status questions:** Use the "Where's My Refund" tool online first - it's actually pretty accurate and updated daily. Only call if there's a real problem shown there. **For account transcripts:** You can get these online instantly through your IRS account, no phone call needed. **For actual corrections or disputes:** This is where you'll need to call, and honestly, the main line (800-829-1040) is still your best bet despite the wait times. What I found helpful was calling on Wednesday or Thursday around 2-3 PM Eastern. Counter-intuitive, but the morning rush dies down and afternoon seems less busy than mornings. Also, have EVERYTHING ready before you call - your SSN, prior year return, exact question written down, and be prepared to wait. I actually got through in 28 minutes on a Thursday at 2:15 PM. One more tip: If you get disconnected, call back immediately. Sometimes they can see your previous attempt in their system and prioritize you. Good luck! 🤞

Hey Ryan! I totally feel your pain - the IRS phone situation is brutal, especially for us newer taxpayers. I just went through this nightmare myself a few weeks ago trying to resolve an issue with my 2023 return. Here's what I learned from my experience: The alternative numbers people mentioned are real, but they're often just as busy as the main line during peak tax season. What actually worked for me was a combination approach: 1. **Try the callback feature** - Someone mentioned the "Let Us Call You" service on irs.gov. I used this for a refund inquiry and got a callback within 2 days instead of sitting on hold. 2. **Use your IRS online account first** - I was able to get my tax transcripts and refund status online, which answered most of my questions without needing to call at all. 3. **Time it strategically** - Like Jacob mentioned, mid-week afternoons seem to have shorter wait times. I got through on a Thursday at 1:30 PM after only 35 minutes on hold. 4. **Have your documentation ready** - When I finally got through, the agent was super helpful but needed my SSN, AGI from last year's return, and specific details about my issue. Since you're dealing with your first tax issue solo, don't hesitate to also check if your question can be answered through the IRS website or by filing a form online. Sometimes the phone call isn't actually necessary! Good luck! 🍀

I'm going through the exact same situation right now! Just received my 1098 and was shocked to see absolutely nothing listed for property taxes despite faithfully paying into escrow all year through my mortgage company. Reading through all these experiences has been incredibly eye-opening - I had no idea this timing mismatch between escrow collection and actual disbursement was so common. Like many others here, I was starting to panic thinking I'd somehow missed paying my property taxes or made some terrible mistake. Following the advice in this thread, I immediately checked my county's property tax website and confirmed zero payments were received in 2023 for my property. Then I found my mortgage account's escrow analysis section (buried pretty deep in the online portal) and discovered they collected about $4,100 throughout 2023 but won't actually pay the county until February 15, 2024. It's honestly frustrating that mortgage companies don't clearly explain this when you set up escrow. They make it sound like everything is handled seamlessly, but they don't mention that the collection and payment schedules often don't align with the tax calendar year. Would have saved me (and clearly many others) a lot of unnecessary stress! The biggest relief has been learning that this doesn't mean losing the deduction - it just shifts to next year's 1098 when the payment is actually made. As a first-time homeowner, I really appreciate everyone taking the time to share their experiences and solutions. This thread has been incredibly valuable!

I just wanted to add my experience to this incredibly helpful thread! I'm a newcomer here but was dealing with the exact same issue - my 1098 showed zero property taxes despite paying into escrow all year, and I was completely panicked. After reading everyone's stories, I followed the advice to check my county's property tax website first. Sure enough, it showed no payments received in 2023 for my property. Then I dug into my mortgage account and found the escrow analysis buried in the documents section - they collected $3,650 throughout the year but aren't scheduled to disburse until January 31, 2024. What really strikes me is how universal this experience seems to be! Almost every story here follows the same pattern: faithful escrow payments all year, zero on the 1098, panic, then discovery that it's just a timing issue with disbursement schedules not matching the tax calendar year. I wish I'd found this community sooner - would have saved me days of stress! The reassurance that the deduction isn't lost but just delayed to next year's 1098 is exactly what I needed to hear. Thank you to everyone who took the time to share their situations and solutions. This thread should honestly be pinned as a resource for other homeowners dealing with this common but poorly explained issue!