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How do I fill out 1098 as co-owner of mortgage?
Hi, planning on getting a mortgage with my girlfriend to buy an NYC condo. Firstly, even though both of us will be on the mortgage, can one of us claim the full itemized deduction for all the interest and property tax, even though both our names will be on the mortgage? I heard the IRS were starting to crack down on this. But I thought it was ok providing one person did actually pay the whole amount. Secondly, if we can't do that and have to split the deduction 50/50, how do we go about filling in the 1098?
For the section where we put the full loan amount do we just halve it since that's each of our shares and then put our share of the interest we're paying, or do we put the full amount and our share? For example if the full mortgage is 820K, do we put that and then our 50% share of the interest or do we put 410K as the amount and then our 50% share of the interest?
Thanks for any advice.