My roommate and I jointly own our home in NC (both names on the title). This will be the first year that the interest paid on our loan can be claimed on a tax return. Can only one of us use it as a deduction (which means, I guess, that we'll have to alternate years), or is there a way that we can split it?
2006-11-23 16:18:04 · 2 answers · asked by ganymede2981 2 in Business & Finance ➔ Taxes ➔ United States
The interest deduction is permitted to a person paying interest on an obligation for which he is liable. If you and your friend own the property jointly and are both liable on the mortgage loan, you are both able to deduct the amount that you actually paid. Rev. Rul. 71-268.
2006-11-23 18:13:31 · answer #1 · answered by mattapan26 7 · 2⤊ 0⤋
in the adventure that your buddy declares all of it you're the two committing fraud. Your buddy could declare this earnings and could pay tax as £9'000 is over the interior maximum tax allowance. no longer incredibly some tax it may actually be mentioned. Your buddy, i've got self belief, additionally must be in Self assessment and if s/he's not registered for S.A. yet then the time obtainable is flaming tight. you will declare your 0.5 of the earnings on your tax return (getting tight for time are we no longer?) with each and every of the deductions desirable.
2016-12-10 14:47:01 · answer #2 · answered by barsky 4 · 0⤊ 0⤋