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?

[matinick1]

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?

[MichaelL1]

The one not on the mortgage cannot claim anything as he not personally responsible for the debt -per the IRS tax rules.

[matinick1]

Thank you very much for responding to my questions.  This helped me a lot to move on with my income tax preparation this year.

[MichaelL1 · Accepted solution]

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.