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07-03-2008, 03:00 PM
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Mortgage Interest Tax Deducion Question for
Co-Owner? If I purchase a home with my brother, meaning both our names would be on the loan, would we both get the full tax deduction for mortgage interest paid? Or would it be halved?
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07-03-2008, 04:52 PM
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You each claim the portion of the mortgage tax deduction that is equal to the percentage or portion of the mortgage you pay each month.
So, if you both pay half, you both claim half the deduction. If you pay 70% and your brother pays 30% then you get 70% of the deduction. The person whose SSN is first on the mortgage will most likely get the mortgage deduction information during tax season and is required to share it with the other owners for their taxes. It shows the whole amounts and you guys have to divide it based on how you make payments. |
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