Housing Tax Break?? Joint Ownership?

Question

Hi...I live in California and thinking about purchasing a house with my parents. When I file taxes who will get the tax break, Do we both get it, only 1 of us, or how does it work.

Thanks

Answer 1

Depends on how you set up the ownership and the mortgage, if there is to be one. If all of you own equally and all are responsible to make the mortgage payments, then you may split up the deduction as you arrange.