If my husband and I both own our home (both our names are on the 1098). If we are both are claiming 50-50, we know to split the morgage interest by 50%, however how do we calculate outstanding mortgage principal and mortgage insurance premiums? Do we leav

[PaulaM · Accepted solution]

Some of your questions was truncated. Comment here if you need to provide more info.

You can split the mortgage insurance premiums also. For the mortgage balance, you can enter the entire loan amount because you both are obligated for the note. You can leave it blank if you took the note out after 1/1/16.

The box 2 only comes into play if your mortgage principle exceeds $1 million. Then there are tax limitations.