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Mar
11
I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?
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1 Comment so far
You can split the total paid between your returns. You are supposed to split it by the proportion each of you actually paid.
The bank will report it all under the ss# of the primary person on the loan. If you are splitting it, you should include an explanation with your returns.