Co-owning a home

[Aliciahimmel]

My fiance and I are both on the mortgage and deed. He is listed as main owner but we both pay 50/50. When I went to submit my federal taxes we both got the same amount back for the house. Is this normal or did I do something wrong?

[MaryK1101]

No that sounds correct- if you divided the mortgage interest amount from the 1098 in TurboTax, you each should have received one half of the total deduction.

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.

[Aliciahimmel]

@MaryK1101  What if we received one 1098 both names on it but only his ssn. I just want to make sure I'm not doing something wrong. I hope this makes sense

[KrisD15]

You can still split that one 1098. TurboTax even asks if the 1098 was issued to someone else. 

Just make sure you each report only your share of the interest paid. 

[Aliciahimmel]

@KrisD15 okay he already filed so I will just have to leave mine as blank then.

[KrisD15]

If he reported all the interest on his return, you will need to leave yours blank, or you both would need to file an amended return. 

Something to keep in mind, every taxpayer claims either the Standard deduction OR Itemized deductions. The Standard deduction has been increased over the years and is pretty significant. If you both end up taking the Standard deduction, the interest does no good to either of you. 

If one of you CAN Itemize deductions, that person should pay, and claim, the interest. 

TurboTax explains Itemized and Standard deductions