We bought a house last year (2006) with my wife's parents and split the cost. How do we claim property taxes?

Question

I'm trying to figure out how to show the purchase of the house on my 2006 taxes. Do we just halve everything that we paid (points, etc.) or what?

Answer 1

If you are all on the deed, you split the property taxes in the proportion you paid them.

The rule is similar for mortgage interest. You need to be legally obligated to repay the loan.

you will deduce from the above that expenses do not necessarily get split 50:50