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?
You'll need to sign in or create an account to connect with an expert.
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 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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ashdougan06
New Member
ctweed31
New Member
samantha_larsen1
New Member
ER1415
Level 1
sjgrana61
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.