2007-05-14 13:57:22 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I called the IRS about this a few months ago. Was on hold for about an hour, but it was worth it.
Basically, if you are on the grant deed (as an owner) you are entitled to whatever percent you own of the interest and other tax deductible items.
Just make sure your partner isn't planning to claim the whole thing.
Consult your tax advisor too!
2007-05-14 14:50:23 · answer #1 · answered by KConsults 3 · 0⤊ 0⤋
Yes, you can use all interest paid on your mortgage as a tax deduction.
2007-05-14 14:02:10 · answer #2 · answered by josh m 4 · 0⤊ 0⤋
You can only take a deduction it the property/mortage is in your name. If your name isn't on the property then you are paying rent.
2007-05-14 14:03:42 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋