A Mortgage Credit Certificate (MCC) is a tax credit given by the IRS to low and moderate income homebuyers. The amount of the tax credit is equal to 20 percent of the mortgage interest paid for the tax year. The remaining 80 percent interest is still eligible to be used as a tax deduction.
When two unmarried taxpayers share a a MCC and mortgage, they can agree to split how they will split the costs between them. 50/50 is the most common way to do this. They can agree to use another percentages as long as both agree and the total of both person's contributions add up to 100%.
MCC IRS
