- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
Because you are both listed on the deed to the home and both on the mortgage, then whoever pays the interest and property taxes can claim them as an Sch A itemized deduction.
So if you pay 10% of them, claim 10%, if you pay 50% claim 50% or 0% then claim 0%.
It is now whoever pays them can claim them. One can be 100% and the other 0% or any combination.
4 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
My other son lives with his brother but his name is not in the deed. However, he pays 1/3 of the mortgage. Can my 2nd son claim 1/3 of mortgage as deduction to his income tax?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
The one not on the mortgage cannot claim anything as he not personally responsible for the debt -per the IRS tax rules.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
Thank you very much for responding to my questions. This helped me a lot to move on with my income tax preparation this year.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I live in Texas and bought a home in Virginia with my son. The home has my name and my son's name as owners. How must we treat the mortgage interest and property taxes?
Because you are both listed on the deed to the home and both on the mortgage, then whoever pays the interest and property taxes can claim them as an Sch A itemized deduction.
So if you pay 10% of them, claim 10%, if you pay 50% claim 50% or 0% then claim 0%.
It is now whoever pays them can claim them. One can be 100% and the other 0% or any combination.