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emilyharrell09
New Member

If I share a mortgage with someone and I’m entering in my 1098 I can just split the payments in half

 
2 Replies
CatinaT1
Employee Tax Expert

If I share a mortgage with someone and I’m entering in my 1098 I can just split the payments in half

Are you both listed on the mortgage?  You need to be legally obligated to the loan to take any deduction.  If this is the case, each of you can deduct the portion of interest paid. When entering the 1098 only enter the amount that you actually paid, not the full amount.

 

This article will provide you more information:  Mortgage Interest for co-owners

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TomD8
Level 15

If I share a mortgage with someone and I’m entering in my 1098 I can just split the payments in half

Only the portion of the mortgage payment that goes to mortgage interest or property tax is deductible, not the whole payment.

 

You must each have an ownership interest in the property in order to claim the deduction.  Being on the mortgage is not by itself sufficient.

 

That said, you can each deduct the portion of the mortgage interest and property tax that you actually paid.  You can add a note in TurboTax to explain why your entries differ from the 1098.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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