Hello,
My husband and I got divorced in 2022. We purchased a house (primary residence together in 2020. Only his name is on the mortgage and the deed has my name and his name. In the divorce settlement, we agreed on the followings.
1. Keep the current mortgage term (only his name on the mortgage) for 10 years and I need to sell or refinance within 10 years.
2. All sales proceeds will go to me but I will be responsible for mortgage payments and all related expenses
3. His name and my name are on the deed (50% ownership each)
I might need to relocate next year and I am thinking to rent out the house. Here are my questions.
1. Can I deduct mortgage interest since I technically pay his mortgage? I do not know the divorce settlement is sufficient legal proof that I am responsible for the mortgage payment.
2. He is okay with me collecting all rental income, but can I claim 100% rental income on my tax return, or do both of us need to claim 50% rental income each?
3. Can I deduct other expenses such as depreciation, homeowner's insurance, property tax....etc on my tax return? Can I deduct only 50% even if I collect all rental income?
Thank you
