turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

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

5 Replies

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.


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!

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

Your welcomed, thanks for choosing TurboTax!

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

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

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies