How is the best way to file a tax return if two people are on the mortgage and two seperate incomes?

Question

me and my brother are on the same mortgage and we need to file our tax returns. He makes more than I do so we need to know how we can get the most on our return

Answer 1

More than one borrower. If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.

Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.


Pub 936 http://www.irs.gov/publications/p936/ar02.html#d0e1664

Answer 2

I let my brother claim the house and we split the refund we get for the house, but keep in mind how much did you paid in your 1098 because if you are filing as head of household and pay less tha $7550 in your 1098 you wont be able to claim the credit, but if you file as single and paid more than $5500 in your 1098 yes you will get credit for the house

Answer 3

Legally, each of you should claim the amount of interest you each actually paid. as a practical matter, you can probably arrange for either of you to have paid the interest.