Name on home title, but not on mortgage. Can I still get tax deduction/write off?

My brother and I are buying a house together in CA. Since he has a higher credit score, we are using only his name on the mortgage application but both our names will be on the home title. Am I still eligible to get tax write off (interest) or is he only able to do so? Thanks!

7 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    In order to deduct the interest legally, the home must meet the requirements of a principal residence and you must:

    1) pay the debt

    2) be legally responsible for the debt

    As you are not on the mortgage, you are not legally responsible and do not meet the 2nd requirement. However, you can

    write a legal binding agreement between you and your brother that states your ownership and responsibility. I suggest it be

    done immediately before closing and be notarized.

    Please feel free to contact me through or email me directly at

    If you need assistance on either tax or mortgage needs, I specialize in both nationwide.

    Source(s): Steve Larson Nationwide Mortgage Broker & Tax Prep Services
  • You can deduct home mortgage interest only if you meet all the following conditions.

    You must file Form 1040 and itemize deductions on Schedule A (Form 1040).

    You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender.

    The mortgage must be a secured debt on a qualified home. “Secured debt” and “qualified home” are explained later.

    Below is a link to the IRS's website regarding mortgage interest.

  • eagan
    Lv 4
    4 years ago

    its humorous to me how a number of those human beings answer questions having no thought what they are speaking approximately. To be extra to call/deed that's basic yet does value some money my recommend could be have the call employer who he final worked with if he's conscious who this replaced into if no longer any call employer can do it yet can furnish a chit in the event that they have before worked with him. Have a provide up declare deed written up and it needs to be signed, notarized by using him and recorded with the county. Recording expenditures value according to web site so it relies upon on what county you reside in. prevalent est value volume could be 30-40 money for recording a provide up declare deed(thats what I paid once I divorced) and the value to have it drawn up can value everywhere from 25-2 hundred money in case you circulate to a lawyer they'll cost so plenty extra needless to say like the rest. i does no longer have confidence a real sources workplace like somebody stated at right here because of the fact if it does no longer have the excellent verbiage it would desire to be rejected that's why a call employer(who has a call lawyer they artwork with) or a lawyer could be certain the excellent verbiage is on the provide up declare.

  • Anonymous
    1 decade ago

    the deduction is for intrest paid on a mortgage not because your on the title deed - i wonder why your brother's credit score is higher?

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  • Anonymous
    1 decade ago

    The IRS will view it as one mortgage, one tax deduction. Would be the same if you had your name on the mortgage, and your wife helped make payments, only one tax deduction per mortgage.

    Darryl S.

  • Dee
    Lv 4
    1 decade ago

    The individual who has legal responsibility for the debt takes the deductions (for what THEY paid only). Can you also put your name on the loan but have him co-sign for your portion?

  • Anonymous
    1 decade ago

    If the mortgage is in his name then the interest is being paid by him from a legal standpoint. so only he is entitled to the deduction.

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