If two unmarried individuals own a home as "tenants-in-common" and one can itemize & other cannot itemize: Can one of the individuals deduct all of the interest & real estate taxes as itemized & the other simply take the standard deduction? Thanks.
01425
1 Best answer
Bsch4477
Level 15
Jan 30, 2023 11:34:05 AM
The IRS determined that both parties are entitled to the mortgage interest deduction to the extent of the interest that each taxpayer pays.
1 Replies
Bsch4477
Level 15
Jan 30, 2023 11:34:05 AM
The IRS determined that both parties are entitled to the mortgage interest deduction to the extent of the interest that each taxpayer pays.