if 2 people are on a mortgage, can 1 person claim the interest as a tax deduction or does it need to be split?

Answer 1

Either of you can take the deduction or you can split it any way you wish. Since only one SSN appears on the Form 1098 from the lender, both parties need to attach a statement to their returns explaining how the interest was split and the name and SSN of the other. It is a common misconception that only the person whose SSN appears on the 1098 can take the deduction. That is simply not true.

Answer 2

If you are married and file separate returns, then you can split the interest deduction any way you want. This assumes you own the home jointly and have a mortgage with both your names on it.

If you are not married, then each person deducts the interest that he or she paid. Attach a statement to each return explaining who paid what interest.

This is made clear in IRS Pub 936, Home Mortgage Interest Deduction, page 7.

http://www.irs.gov/pub/irs-pdf/p936.pdf

Answer 3

You one that provided their social security number(to the mortgage company) is the one that can take the deduction.
so when you receive the 1099 check to see if it is your Social Security Number or the other person.

Answer 4

It is supposed to be split since it's in both of your names.