No, it doesn't matter because there's only space for one SSN. Each of you will enter the portion of the interest (Box 1) that each of you actually paid. If each of you paid one half of the mortgage and real estate expenses, then each should reflect that on each tax return. Outstanding mortgage principal (Box 2), split equally if both of you are responsible for half. Box 3 is the mortgage origination date. If there is anything in Refund of overpaid interest (Box 4), allocate it the way you did the interest in Box 1 between the two of you. Mortgage Insurance Premiums (Box 5) and Points paid (Box 6), it’s the same concept, split equally if you both paid the same amount.
Don’t forget to allocate the property/real estate taxes that you may have paid. If you paid from an escrow account, it should be on your 1098 Mortgage Interest Form. If you didn’t pay from an escrow account, it will be on you tax statement.
Follow the instructions below, which will include an explanation statement with your tax return so the IRS will know how you split the interest.
- Launch TurboTax
- Go to Deductions and Credits
- Select Edit/Add Mortgage Interest
- Add your Mortgage Interest Statement or Edit an existing one
- After you enter or confirm your mortgage lender, at the screen Do any uncommon situations apply, select someone co-owns this loan and I only pay a portion of it and answer the questions.
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