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Level 1
June 4, 2019
Solved

Do co-borrower need to report partial resident

If you are co-borrower on the mortgage, do you need to report to IRS

MockAnswer
Level 9
June 4, 2019

It depends. If you both made mortgage payments, then you can deduct the actual interest payments you paid (usually in Box 3) versus the amount the government paid on your behalf. For example, if each person paid 50% of the mortgage, each person is eligible to deduct 50% of the interest.

Here's a link to the IRS website with more information about Form 1098-MA: https://www.irs.gov/forms-pubs/about-form-1098ma


2 replies

Level 9
June 4, 2019
Please see answer below.
MockAnswer
Level 9
June 4, 2019

It depends. If you both made mortgage payments, then you can deduct the actual interest payments you paid (usually in Box 3) versus the amount the government paid on your behalf. For example, if each person paid 50% of the mortgage, each person is eligible to deduct 50% of the interest.

Here's a link to the IRS website with more information about Form 1098-MA: https://www.irs.gov/forms-pubs/about-form-1098ma