Purchase a first home with sibling jointly last year. Can one person get 100% deduction and other report 0% deduction?
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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.
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.
Why am I not getting 100% mortgage interest deductions
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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