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Do I have to report a joint owners' house purchase with my adult son?

My son and I purchased a home and both our names are on the mortgage.  However, I do not live in the house or pay any mortgage, property tax, or insurance payments.  My son is paying all the payments.  He paid the points at closing.  Am I obligated to report the 1098 on my tax return if I'm not taking the deduction or does my son just report the interest and points on his return?

 

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2 Replies
AnnetteB6
Employee Tax Expert

Do I have to report a joint owners' house purchase with my adult son?

No, you are not obligated to report the Form 1098 as part of your tax return.  If your son is the one who paid the mortgage, then he should report it on his return.

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Do I have to report a joint owners' house purchase with my adult son?

There's nothing for you to report on your 1040.  However, you might be considered a 1/2 owner of the property and if sold at a gain, 1/2 the gain would be taxed to you. Since you don't live there you would not be eligible for the home sale exclusion. however, there is a concept in the tax laws of equitable ownership.  He could be deemed the owner of 100% of the property. How this s concept works in your state is a matter to discuss with  real estate attorney. 

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