Who can claim mortgage interest on 1098 if 2 unmarried family own home together?
Answers:
You can decide between you who would reduce by what percentage of the mortgage. However, if you are each filing your own return, after it is best that you alternate on who takes the whole conjecture each year. Because you each obligation to exceed your own standard deduction in lay down to benefit from itemizing. And if you divide the mortgage and property tax, then likelihood are you each benefit little if any.
Best wishes.
If they both compensated the mortgage, they can split it. The one that has the SS# on the loan would indicate the other person's SS# and visa-versa. It's called nominee.
BTW, anyone that say they can't split it is WRONG - we do this with clients every year!
If you and at least one other person (other than your spouse if you record a joint return) were liable for and remunerated interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that be paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you compensated, and give the name and address of the human being who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the string.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a conjecture for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), dash 10. You should let each of the other borrowers know what his or her share is.
Publication 936
http://www.irs.gov/publications/p936/ind… Source(s): Internal Revenue Service
1-8OO-829-1040
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