topic Co-own a 2nd home w/son. How to claim and how much to claim. in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/co-own-a-2nd-home-w-son-how-to-claim-and-how-much-to-claim/01/3654559#M350049 <P>We co-own a home with our son.&nbsp; He is on the loan to help his credit, but we make all payments and have put our money into the home.&nbsp; We're both listed on the loan and tax statements. The question is two-fold.&nbsp; 1. Can we claim the interest or does he get to/have to claim a portion of it?&nbsp; 2. Are there limits of what we can claim since it is a 2nd home for us? Our primary home was purchased in Feb. 2016, but refi in 2022.&nbsp; Bal is $583k.&nbsp; 2nd home was purchased April 2023 and bal is $468k.</P> Mon, 14 Apr 2025 01:20:15 GMT MayFairLady 2025-04-14T01:20:15Z Co-own a 2nd home w/son. How to claim and how much to claim. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/co-own-a-2nd-home-w-son-how-to-claim-and-how-much-to-claim/01/3654559#M350049 <P>We co-own a home with our son.&nbsp; He is on the loan to help his credit, but we make all payments and have put our money into the home.&nbsp; We're both listed on the loan and tax statements. The question is two-fold.&nbsp; 1. Can we claim the interest or does he get to/have to claim a portion of it?&nbsp; 2. Are there limits of what we can claim since it is a 2nd home for us? Our primary home was purchased in Feb. 2016, but refi in 2022.&nbsp; Bal is $583k.&nbsp; 2nd home was purchased April 2023 and bal is $468k.</P> Mon, 14 Apr 2025 01:20:15 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/co-own-a-2nd-home-w-son-how-to-claim-and-how-much-to-claim/01/3654559#M350049 MayFairLady 2025-04-14T01:20:15Z Re: Co-own a 2nd home w/son. How to claim and how much to claim. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-co-own-a-2nd-home-w-son-how-to-claim-and-how-much-to-claim/01/3656249#M350222 <P>If you make the payments, then you would claim the interest. &nbsp;Even if his name is on the loan, it doesn't automatically cause the interest to be split.<BR /><BR />Yes, there is a limit of $750,000 since both mortgages were taken out or Refinanced after 2018. This means, your interest deduction will be prorated.</P> Mon, 14 Apr 2025 15:34:33 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-co-own-a-2nd-home-w-son-how-to-claim-and-how-much-to-claim/01/3656249#M350222 Vanessa A 2025-04-14T15:34:33Z