I bought a house with my sister. She is the only one who is on the mortgage. But I own 50% of the house since I am in the deed. I pay 1/3 of the mortgage each month. Can I claim mortgage interest deduction if I am in the deed and pay 1/3 of the mortgage and utilities in the house, even though I am not in the mortgage?
Yes, you can claim your share of the mortgage interest and property taxes that you pay. If you each pay half of the mortgage, then you would each deduct 50% of those items.
What if I only pay 1/3 of the mortgage, can I still claim it?
Yes, you can report your share of the mortgage interest that you pay. Divide the amount of interest paid by 3 to find the amount to enter in your taxes.
Do you need to file a form for this? I already submitted my 2023 tax returns.
If you already submitted your return, you need to amend it to claim the amount of mortgage interest that you actually paid.
Select your product below and follow the instructions.
To enter your 1098 mortgage interest statement in:
However, claiming the mortgage interest might not effect your return.
You can’t deduct home mortgage interest unless the following conditions are met.
For more Information, check: IRS.gov