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pher
New Member

I am a co-borrower on a mortgage (50-50 split). Should "Original Loan Balance" and "Balance on Jan 1" be the full loan amount or half?

To be clear, I am not talking about "Your portion of mortgage interest" or "Outstanding mortgage principal." I understand those are to be split in half compared to what's on the 1098. What I'm not sure of is if the Original Loan Balance and Balance on Jan 1 should also be split or not. This may be important as if it's the full amount, it's over the $750,000 cap, but if half amount, it is under.

3 Replies
fanfare
Level 15

I am a co-borrower on a mortgage (50-50 split). Should "Original Loan Balance" and "Balance on Jan 1" be the full loan amount or half?

You can't deduct half of what you cant deduct.
fanfare
Level 15

I am a co-borrower on a mortgage (50-50 split). Should "Original Loan Balance" and "Balance on Jan 1" be the full loan amount or half?

if you are splitting interest enter the full amounts as shown on the 1098, except for the interest you are claiming which should be one half the interest.

pher
New Member

I am a co-borrower on a mortgage (50-50 split). Should "Original Loan Balance" and "Balance on Jan 1" be the full loan amount or half?

Sorry, I don't understand if this response is actually answering what I'm looking for. I'm not asking about the interest but rather the "original loan balance" and "Balance on Jan 1."
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