No, do not proceed with the co-own option unless someone in addition to your spouse co-owns the loan. If you and your spouse are responsible for the loan, only one name and social security number will appear on the statement. However, IRS tax law is clear. On separate returns you will deduct what you actually paid. On your spouses' return the deduction will be what your spouse actually paid. If, in your situation, you each paid half then that is how you will list it on your tax return.
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