help

[larrylease]

If two people invest in ahome together and one party puts 80% of the down payment, but they equally share in the mortgage payment, what is the tax deductibility? 80/20 or 50/50 based on the shared mortgage.

 

[David J. Miller]

The down payment is not deductible. The interest is. I'm sure you already knew that but thought I would state it just in case.

Sounds like you need to come to some sort of agreement, probably written wouldn't be a bad idea, stating exactly how you will split the tax deduction.

Like any written contract, seeking legal assistance is adviseable.

I am not an attorney so if you want, feel free to ignore my comments and waite for comments from someone who is.