How to input MCC credit? Is it equally split for joint tenants

[eyt4tax]

Just wanted to confirm that if the mortgage loan amount is equal to the certified indebtedness amount shown on your MCC, into info entered for Form 8396 would basically be the mortgage interest found on the Form 1098?  Also, if the home is owned by two unmarried joint tenants who have an equal share 50/50, then the MCC (as well as the mortgage interest, real estate taxes, etc) would be split equally?  That is, each individual would input info for the MCC, mortgage interest and real estate taxes on their own tax filing?

[MaryM428]

A Mortgage Credit Certificate (MCC) is a tax credit given by the IRS to low and moderate income homebuyers. The amount of the tax credit is equal to 20 percent of the mortgage interest paid for the tax year. The remaining 80 percent interest is still eligible to be used as a tax deduction.

When two unmarried taxpayers share a a MCC and mortgage, they can agree to split how they will split the costs between them.  50/50 is the most common way to do this.  They can agree to use another percentages as long as both agree and the total of both person's contributions add up to 100%.

MCC IRS

[kalindyhim]

I have a question.

When entering in MCC, am I referring to the mortgage interest stated on the certificate itself, or a 1098 Box 1 "Mortgage Interest Received from Payee/borrowers" provided by the lender?

My MCC certificates states as follow:

As MCC certificate No XXXXXX for $XXXXXX.XX

[JamesG1]

Report the interest paid from an IRS form 1098 box 1.

You will be reporting this information:

At the screen Enter your mortgage credit certificate info, enter this information:

• Name of the issuer of the certificate,
• Certificate number,
• Date the certificate was issued,
• Mortgage interest paid (this information may come from an IRS form 1098 box 1), and
• Credit rate percentage.

See also this Best Answer.