You can deduct mortgage interest on your main home and up to 1 second home, up to a combined balance of $750,000. To deduct the interest, you must be:
a. the legal or beneficial owner of the home
b. the person who actually pays the mortgage.
It is not necessary that you be listed on the mortgage as a borrower. If you are on the deed, whether as owner or co-owner, then you are the legal owner. Even if you are not on the deed, you are probably the beneficial owner, and we can discuss that if needed.
To deduct property taxes you must be
a. the legal owner of the home
b. the person who actually pays the property taxes.
Note that there is no "beneficial owner" rule for property taxes, you must be a legal owner of the property.
