My husband and I live in Maryland. In May, we jointly purchased a house in Texas with our daughter. We a ll pay towards the Mortgage/P&I/escrow each month. My SSN was used in the purchase, and our daughter does not itemize. Can I declare the deductions -- and do I need to declare our daughter's portion as income? We keep track of what portion of the house is owned by her, but that doesn't mean the IRS knows that. Thanks.
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Hello bensonfitch-icl
Thank you for your question.
Since you are living in MD, I assume that the house you purchased in Texas is not rented to your daughter at a fair market value but she is allowed to be living in house.
Considering that part of mortgage interest and taxes are paid by you both and your daughter, you should only claim the portion that you are paying and corresponds to your ownership of the house.
Since you will be claiming only what you are paying for your share the payment made by your daughter does not need any further reporting.
Hope this answers your question,
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