joint tenancy with my partner? I will be the one who pays all the Principal and interest plus the taxes on the house.
2007-03-14 05:47:15 · 3 answers · asked by gecko 542000 1 in Business & Finance ➔ Renting & Real Estate
Yes, as long as you're liable for the actual debt. How you hold title is irrelevant. IRS simply requires that you are the one legally obligated to pay. If you share that obligation, either of you can take full deduction separately, or split as you see fit. Generally works out best to lump it under one person, otherwise you're unlikely to break past the standard deduction anyway.
2007-03-14 05:56:19 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 0⤋
IRS publication on Home interest deduction: http://www.irs.gov/publications/p936/ar02.html#d0e1835 and or: http://www.irs.gov/faqs/faq3-6.html
IRS: Deductible costs when purchasing real property:
http://www.irs.gov/publications/p551/ar02.html#d0e2000
IRS: Time to keep records: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
IRS: 3.6 Itemized Deductions/Standard Deductions: 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses): http://www.irs.gov/faqs/faq3-6.html
Buena Suerte
2007-03-14 05:58:01 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
yep
2007-03-14 05:51:44 · answer #3 · answered by Dana O 3 · 0⤊ 0⤋