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ghyerang
New Member

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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Accepted Solutions
Marketstar
Level 7

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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5 Replies
Marketstar
Level 7

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.


View solution in original post

ghyerang
New Member

Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.

Fulfill both requirements. Thank you and very helpful!
Marketstar
Level 7

Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.

Your welcomed, thanks for choosing TurboTax!
kaylie8448
New Member

Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.

Why am I not getting 100% mortgage interest deductions

Mike9241
Level 15

Can one person report property taxes, mortgage interest 100% and other do not report at all?Thank you.

here are some reasons: 

1) your debt is over the qualifying limit for acquisition debt. this is complex because in part it depends on the date the mortgage was taken out 

2) you did a cash-out refi, and the cash-out was not used to buy a second residence or used to substantially improve a first or second residence

3) you have mortgages on 3 or more residences - only mortgages on two are allowed

4) you made an entry mistake - extremely easy considering the complexity of the tax laws regarding the deductibility of home  mortgage interest 

 

we can't see your return so can't give you more guidance. if you need help you may need to upgrade

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