topic Mortgage Interest and Property Tax Deduction in Deductions & credits

Mortgage Interest and Property Tax Deduction

Rebecca_55 — Sun, 02 Feb 2020 14:30:07 GMT

I co-own a home with someone (not married) and we each contribute 50% to the mortgage / property taxes. Our filing status is single. My question is, must each of us deduct 50% of the mortgage interest and property taxes (since that is what we contribute) OR can one of us deduct more if it would lead to a better tax break (as long as it equals 100% between us). Thank you in advance.

Re: Mortgage Interest and Property Tax Deduction

DavidS127 — Sun, 02 Feb 2020 14:56:11 GMT

The IRS rules for "More than one borrower" specify "the interest that each of you paid". These rules for "More than one borrower" are contained in IRS Publication 936 at this link:

"If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your paper return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 8b, and print "See attached" next to the line.

Similarly, if you're the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 8a. Let each of the other borrowers know what his or her share is."

Re: Mortgage Interest and Property Tax Deduction

jdorn08088 — Mon, 10 Feb 2020 17:30:41 GMT

How do you show this on turbotax

Re: Mortgage Interest and Property Tax Deduction

JohnW222 — Mon, 10 Feb 2020 17:46:01 GMT

Unfortunately, you'll need to file a paper return to attach the statement that DavidS127 refers to in his post.

Please see the TurboTax Help articles "How do I print and mail my return in TurboTax Online?" or “How do I print and mail a return in the TurboTax for Windows CD/Download software?” as appropriate for guidance.

Additional Resources:

Where do I enter my 1098 mortgage interest statement?

Where do I enter my real estate (property) taxes in TurboTax Online?