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Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.
Purchase a first home with sibling jointly last year. Can one person get 100% deduction and other report 0% deduction?
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Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.
To deduct mortgage interest and property taxes you must meet two conditions:
1. You must be legally obligated to pay the mortgage and/or property tax.
2. You must actually pay it
If you hold title to the property, you satisfy the first requirement
So, you should each deduct whatever mortgage interest and property tax yopu pad in 2017.
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Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.
To deduct mortgage interest and property taxes you must meet two conditions:
1. You must be legally obligated to pay the mortgage and/or property tax.
2. You must actually pay it
If you hold title to the property, you satisfy the first requirement
So, you should each deduct whatever mortgage interest and property tax yopu pad in 2017.
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Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.
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