Can I deduct mortgage interest from taxes even if I don't get a 1098 form?

Question

My brother and I bought a house together, and both of our names are on the mortgage.

However, his social security number is the only 'official' number on the finance forms, and only he received a 1098 form for tax purposes.

Can I deduct mortgage interest since I am part owner, even though I didn't receive a 1098 form?

Or do I have to add my name officially by re-financing the house under both of our names?

Note that BOTH of our names are on the mortgage.

However, the lender told us that only 1 of our social security numbers can be used as the primary person, and we choose my brother's social security number. I know, I was confused too. How could both of our names be on the mortgage but only 1 SSN.

Also, this is a PRIMARY residence for both of us.

Answer 1

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/index.html

Answer 2

This is complicated. Is it an investment property or where you live? If an investment, you can file a Form 1065 Partnership return and claim the mortgage expense at the partner level. The K1 would break out your share of the profit. If you live together in the home, he could claim 50% and you the other 50% (property tax also). Since the 1098 is in his name, there is a slight chance you could be audited (very slim). I think if that happened, you would have a good case to win. However, w/o review of primary documents and an interview on the circumstances, I cannot make a direct recommendation.

Answer 3

It depends. Is it a rental or primary residence. The person who has his SSN on the statement should be the only one to claim the deduction. Some of my clients are in the same situation, so on the tax returns I take 1/2 the deduction on each tax return and make sure I document the reason in workpapers. Our software let's us write the reason on the tax return and I write "1/2 of interest claimed on tax return SSN#"

Answer 4

If your name is not on the mortgage, you cannot take any deduction for the mortgage interest. Only your brother can.