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Tax Mortgage Interest Deduction. Re: Co-borrowers
Posted on 2/10/14 at 7:17 am
Posted on 2/10/14 at 7:17 am
My Fiancé and I have a house together of which we are co-borrowing on the mortgage.
My question is how does the interest deduction work when we file our taxes separate?
Does one of us claim all of it? do we split it? Do we both claim all of it (doesn't seem legal/ double-dipping)? A little curious as to how this works.
My question is how does the interest deduction work when we file our taxes separate?
Does one of us claim all of it? do we split it? Do we both claim all of it (doesn't seem legal/ double-dipping)? A little curious as to how this works.
This post was edited on 2/10/14 at 7:21 am
1
Posted on 2/10/14 at 8:48 am to Fbohn1
Are you sure you want to split the mortgage interest deduction? Right now one of you can claim the full amount and the other can claim the standard deduction. This will likely result in more total deductions than if you both itemize and split the mortgage interest deduction.
If you insist on splitting the deduction, then the person who's Social Security Number is on the Form 1098 should claim 100% of the mortgage interest reported. The other person should report the pro rata share of the interest they paid as paid to the person named on the Form 1098. This requires reporting the name address and Social Security Number of the person being paid. The person being paid must report interest income for the portion of the mortgage interest expense being claimed by the person not named on the Form 1098.
If you insist on splitting the deduction, then the person who's Social Security Number is on the Form 1098 should claim 100% of the mortgage interest reported. The other person should report the pro rata share of the interest they paid as paid to the person named on the Form 1098. This requires reporting the name address and Social Security Number of the person being paid. The person being paid must report interest income for the portion of the mortgage interest expense being claimed by the person not named on the Form 1098.
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