You'll need to sign in or create an account to connect with an expert.
Each of you should deduct the amount of the mortgage interest that you actually paid. The property tax and mortgage insurance premium will be divided as well.
If the form is in your name and Social Security number, you will enter the full amount of the outstanding mortgage on your tax return.
You would indicate that the amount of interest you are reporting is not what was on your 1098.
Your daughter would indicate that she did not receive a Form 1098 and enter her share of the mortgage interest and other amounts found on the form
did you add her to the title on the property. if not since she is not an owner any interest she paid would not be deductible unless she could properly claim equitable ownership.
equitable ownership factors include having the economic benefits and burdens of ownership
does she live in the house
what portion of mortgage does she pay
what other expenses of maintaining the home does she pay
who pays the taxes
there is no one determining factor, so you may want to get professional advice from a later
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jsspauld
New Member
silent-force
New Member
FIRE4me
New Member
workerbee80
Returning Member
mapa136
New Member