Mortgage balance as of 12/31/18 is $239,835.24. We co-own the property with our son and wife. They received the 1098 and we split property tax and interest. Do we each enter $119,917 as the mortgage balance on 12/31/18?
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Yes, for the situation you are describing, and because you are only reporting the amount of mortgage debt that you acquired which is under the IRS limit for the mortgage interest deduction, report the beginning and ending balance of your share only.
[edited 02/11/2019 I 7:05pm]
Yes, for the situation you are describing, and because you are only reporting the amount of mortgage debt that you acquired which is under the IRS limit for the mortgage interest deduction, report the beginning and ending balance of your share only.
[edited 02/11/2019 I 7:05pm]
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