When a property is jointly owned by more than one individual, the following tax rules apply:
Also, a written statement would be needed to split these deductions between more than one tax return. Please read what the IRS has to say about this, as quoted from IRS Publication 936, Page 9:
"If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form.
Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form1040), line 13. Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Let each of the other borrowers know what his or her share is."
http://www.irs.gov/pub/irs-pdf/p936.pdf
That may or may not be the answer you were hoping to hear; but at least now you
have accurate information.
Thanks for asking this important question.
Since the property is jointly owned by both of you, the following tax rule apply:
The basic rule that IRS follows is that you are entitled to claim the portion of the interest and taxes that you actually pay. Please view the following link: Claiming mortgage interest when home is co-owned