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Level 2
posted Jan 25, 2022 11:58:05 AM

My mom and I owned a home together in another state, is it possible for me to deduct part of the interest on my taxes if I paid 50% of the house payment?

I read in a publication from 2010 it's possible and to file another form, but wanted to make sure this is still true in 2022, for 2021 taxes.

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1 Best answer
Expert Alumni
Jan 25, 2022 12:16:02 PM

Yes, to deduct taxes or interest on Schedule A, you generally must be legally obligated to pay the expense and must have paid the expense during the year. Even though two unmarried individuals can both be the legal owners of the home and pay the mortgage equally or from common funds, the lender normally sends out only one Form 1098.

 

If you’re each eligible to deduct the expense, you can both take a deduction for your portion of the expenses. TurboTax will walk you through the process of getting the deduction.

1 Replies
Expert Alumni
Jan 25, 2022 12:16:02 PM

Yes, to deduct taxes or interest on Schedule A, you generally must be legally obligated to pay the expense and must have paid the expense during the year. Even though two unmarried individuals can both be the legal owners of the home and pay the mortgage equally or from common funds, the lender normally sends out only one Form 1098.

 

If you’re each eligible to deduct the expense, you can both take a deduction for your portion of the expenses. TurboTax will walk you through the process of getting the deduction.