I own a property with my domestic partner and we pay real estate taxes through our mortgage. We each pay a different percentage of the mortgage. How can we deduct our share of the real estate taxes on Schedule A?
Here are some assumptions to illustrate:
- Form 1098 shows total real estate tax paid in 2023 was $8000
- I paid 60% of the mortgage payment and my partner paid 40%
- We are not married and own the property as tenants in common
My understanding is we can each take part of the real estate tax deduction:
- My deduction = $8000 * 60% = $4800
- Partner's deduction = $8000 * 40% = $3200
Is my calculation correct?
