This will not work for the Federal side. There are two rules for the Federal deductions.
For both mortgage interest and property taxes, you must be both liable for the debt and pay the debt.
Form Schedule A instructions:
Property tax: Enter on line 5b the state and local taxes you paid on real estate you own that wasn't used for business,
To qualify to be able to claim mortgage interest, you need to:
- Own the home
- Be liable to pay the mortgage, and
- Make the payments
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this.
Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Let each of the other borrowers know what his or her share is.
If you each make payments, it dilutes the tax benefits of your itemized deductions. In the future, for tax planning purposes, consider only one of you making the payments for the mortgage AND the property tax. The other alternative would be to pay them both from a joint bank account
