Q. Would it matter if you had payments coming in to your account from your girlfriend to cover their 50% share, so long as it was your personal account and you were the one paying it?
A. Yes, it would matter. You haven's really paid it. You have to arrange your finances so that you pay it. For a simplistic example, you pay the mortgage, they buy the groceries.
Q. And if you split it 50/50 would you be able to claim all the interest even though the mortgage is over $750K?
A. No. You would claim half the limit.
Q. How would you split it on the 1098?
A. You can't split the 1098. One of you would have to claim the deduction without a 1098.
Q. Would you list the full mortgage and your half share or half the mortgage and your half share since that’s the part that’s yours?
A. Full mortgage, so that TT can apply the limit.
