DEAR BENNY: My sisters and I inherited farm land from our father under his will. The lender said we could "just keep making the payments." It said its only interest was getting paid, and as long as it’s getting the payments it’s happy — and there would be no paperwork involved at all.
That sounded good — and easy — at first. But, then we realized that if we make the payments, we surely want the interest deductions.
So here’s the question: If we "just keep making the payments" without any paperwork, won’t the lender keep issuing the IRS Form 1098 (mortgage interest statement) in his name each year, since he’s the borrower? Or do you think it will issue the 1098s in our names if we so request?