Solved
Married File Separate - Outstanding Mortgage Principle
Hello,
My husband is listed on our 1098 form, but we are both on the loan and split the mortgage payments 50/50.
For mortgage deductions I plan to answer the following:
Box 1 - Mortgage Interest - I will enter only the amount I paid for in the calendar year (50%)
Property (real estate) taxes - I will enter only the amount I paid for in the calendar year (50%)
However, it is unclear to me how to report Box 2 - Outstanding Mortgage Principle. Should I enter 50% of the remaining principle or the full amount that we are both liable for. I've seen multiple answers across the community so looking for a definitive answer. This year we are filing under - Married File Separate.
