Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 9 years ago

If I owned a home with my brother how do we file taxes?

If my brother & I owned a home together, would we split the mortgage interest & property tax in half to file? We will file separately.

Update:

All of the stuff from our lender has both of our names as do the property tax bills.

6 Answers

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    You each claim what you actually PAID. If you split the payments 50-50 then you each claim half. If you split the payments some other amount then you split the deductions using the same ratio.

    See the instructions for Schedule A for additional reporting requirements as the Form 1098 from the lender will only show one name and SSN on it. That person must list the other owner's name and SSN on their Schedule A for the co-owner to be able to claim their share. The co-owner must list the 1098 recipient's name and SSN on their Schedule A.

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  • Anonymous
    9 years ago

    That person must list the other owner's name and SSN on their Schedule A for the co-owner to be able to claim their share.

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  • kitson
    Lv 4
    3 years ago

    you could no longer the two declare the full volume. Whoever's call is on the loan can declare the interest dedection - that is as much as you 2 to settle on the thank you to chop up it. Whoever is had to pay the valuables taxes (i.e., whoever is on the valuables call) can declare the valuables taxes. same deal.

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  • 9 years ago

    Um, all the responses assume you both live in the home as your principal residedence.

    If the home is not the principal residence for one or both of you, all the answers change.

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  • tro
    Lv 7
    9 years ago

    are both your names on the mortgage and the county tax bill?

    if so, of course

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  • Judy
    Lv 7
    9 years ago

    You each deduct what you actually paid. If you split the payments equally, then yes you'd each deduct half.

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