We have 3 people on are mortgage. Come tax time can I claim everything if they are cool with it?

Question

I make the most money so I think that would work out best. is that true?

our not are... and yes I am gonna split it with them.

Answer 1

you would really need to discuss this with your tax consultant but if 3 seperate SS#s are on the mortgage then all 3 may need to claim during filing

Answer 2

If you are fully responsible for the mortgage in case the others don't pay, then you can deduct all of the interest that you paid.

As for the real estate tax deduction, you can deduct up to the percentage of ownership you have, or the amount you paid, whichever is less.

Answer 3

You can only deduct what you actually paid. And you must be on the title as well as the mortgage.
In this kind of arrangement, each of you should be sending a cheque to the mortgage company each month. If all the money goes to one person and they send in the payment, it can look to the IRS like they are receiving rent.

Answer 4

No mortgage interest is only deductible based upon the actual interest you paid. If you were audited you would have to prove you paid all of the interest to be entitled to the deduction.

Answer 5

If you own 1/3rd of the property and paid at least 1/3rd of the interest, then you get to deduct 1/3rd. Even if you paid all of it, you can't deduct more.

Answer 6

You can deduct whatever you actually paid, not necessarily the entire amount unless you made all of the payments.

Answer 7

just give each person their agreed upon percentage of the interest and real estate taxes and be done with it

Answer 8

yeah but then that would be bad for them bc they would lose money unless your planning on giving them a share of the money u make.