There is clear language on who is allowed to deduct the mortgage interest when a home is jointly owned. Retain the records showing how it was paid and for showing the joint payments. A bank record would suffice for payments and deposits of the co-owner. I
- The 1098 has multiple names and multiple people are paying the mortgage/interest:
- Each can deduct their portion of interest paid. When entering the 1098 only enter the amount that you actually paid, not the full amount.
- For more details about how deductions for a jointly owned property are allowed to be used on each owner's return.
- Please update if you have more questions.
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