Co-own a 2nd home w/son. How to claim and how much to claim.

[MayFairLady]

We co-own a home with our son.  He is on the loan to help his credit, but we make all payments and have put our money into the home.  We're both listed on the loan and tax statements. The question is two-fold.  1. Can we claim the interest or does he get to/have to claim a portion of it?  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.  Bal is $583k.  2nd home was purchased April 2023 and bal is $468k.

[Vanessa A]

If you make the payments, then you would claim the interest.  Even if his name is on the loan, it doesn't automatically cause the interest to be split.

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.