When a property is jointly
owned by more than one individual, the following tax rules apply:
- For unmarried
couples and unrelated individuals, each taxpayer can only claim the
portion of any expenses, such as mortgage interest or real estate taxes,
that they actually paid
- For a married
couple filing separate returns, they can chose to allocate real estate
taxes and mortgage interest expenses between themselves, in any manner
they choose.
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.
