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djacrone
New Member

I added my daughter to my mortgage. How should we file taxes?

 
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2 Replies
PattiF
Expert Alumni

I added my daughter to my mortgage. How should we file taxes?

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

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I added my daughter to my mortgage. How should we file taxes?

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 

 

 

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