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hollyannmj
New Member

Co-signer but not co-owner on mortgage

My fiance and I purchased a home this year. I am listed as the borrower and he is listed as the co-signer on the loan. The house is also in a revocable trust under my name. I am listed as the Grantor and the Trustee, he is second in the case of my death. When filing taxes this year, should I claim all mortgage interest and property tax paid since he is technically only a co-signer and not a co-owner of the property? Or should we divide both equally as that is how we've been making payments?

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Accepted Solutions
KurtL1
Expert Alumni

Co-signer but not co-owner on mortgage

You can claim the amount of the mortgage interest that you individually paid.  Your fiance does not have an ownership interest in the property and is not entitled to deduct any portion of the mortgage interest on the loan. 

 

Per IRS Publication 936 Home Mortgage Interest Deduction you can deduct home mortgage interest if all the following conditions are met.

  • You file Form 1040 and itemize deductions on Schedule A (Form 1040).
  • The mortgage is a secured debt on a qualified home in which you have an ownership interest.
  • You made the payments on the Mortgage Loan
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1 Reply
KurtL1
Expert Alumni

Co-signer but not co-owner on mortgage

You can claim the amount of the mortgage interest that you individually paid.  Your fiance does not have an ownership interest in the property and is not entitled to deduct any portion of the mortgage interest on the loan. 

 

Per IRS Publication 936 Home Mortgage Interest Deduction you can deduct home mortgage interest if all the following conditions are met.

  • You file Form 1040 and itemize deductions on Schedule A (Form 1040).
  • The mortgage is a secured debt on a qualified home in which you have an ownership interest.
  • You made the payments on the Mortgage Loan
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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