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We jointly own (not "co-own") a property, thus are each liable for the full amount of the loan. How do I answer "your share of the outstanding mortgage principal"?

We split the mortgage interest deduction 50-50.  That is not the question.  Given joint ownership, is my share of the outstanding mortgage principal all or half?
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LeeM
New Member

We jointly own (not "co-own") a property, thus are each liable for the full amount of the loan. How do I answer "your share of the outstanding mortgage principal"?

Your share of the outstanding mortgage principal would only be 1/2 and that is what you should report when asked (since you are still considered, as of now, to be responsible for 50% and are only deducting 50% of the interest).

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1 Reply
LeeM
New Member

We jointly own (not "co-own") a property, thus are each liable for the full amount of the loan. How do I answer "your share of the outstanding mortgage principal"?

Your share of the outstanding mortgage principal would only be 1/2 and that is what you should report when asked (since you are still considered, as of now, to be responsible for 50% and are only deducting 50% of the interest).

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