Do we have to split the mortgage interest and such or can one of us claim it all and the other doesn't?
2007-02-08 01:28:35 · 4 answers · asked by T Paul S 2 in Business & Finance ➔ Taxes ➔ United States
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.
Publication 936
http://www.irs.gov/publications/p936/ar02.html#d0e1664
2007-02-08 01:33:33 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Whose names and SSNs are on the mortgage? Only taxpayers who are legally obligated for the loan can take any deduction. If you're both on the loan, you can split the deduction using the same share you used to split the payments.
2007-02-08 01:33:31 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 1⤋
One person gets it....see who needs the deduction more.
2007-02-08 01:32:37 · answer #3 · answered by Miranda M 3 · 0⤊ 2⤋
Seems as if you could spit the costs, huh? Better check with a tax person on this one. . .
2007-02-08 01:31:13 · answer #4 · answered by Anonymous · 0⤊ 3⤋