Thank you, cwglindn. My assumption is same as yours, that I am liable for 100% of the principal. My thinking is that if my partner were to stop paying their half or die, I would effectively become responsible for 100%. The bank doesn't care. I'll wait and see what the Pros say though.
Meanwhile, I also have a mortgage interest question, which perhaps you can help answer:
Our total principal is $1,068,518.07. My understanding is we can only deduct interest for mortgage up to $750,000. We paid a total of $22,429.55 in interest, of which I contributed 50% or $11,214.77. So, in TurboTax's "Interest paid" field, should I enter the $11,214.77 that I actually paid? Or do I first need to manually reduce the amount of interest I enter down to $7,871.65 (i.e., 70.19% of what I actually paid) in order to account for our total principal being higher than the $750,000 maximum?
