Two brothers buy a house and.....

What is the name of your state? PR

Hi,

Two brothers (A & B) buy a house 50/50. 50/50 on all expenses , and 50/50 when they sell the house in the future. The house has a mortgage.

The mortgage is in the name of one of the brothers. Therefore brother (A) uses the interest paid on the house to file his income tax return. Brother (B) now claims that the benefit that brother (A) receives from his income tax is also his.

The income that Brother (A) has is because he works. The house that they bought does not generate any income, because they live in it. And they pay 50/50, the mortgage and expenses.

Who is right?? How can this be resolved.

An honest opinion is appreciated...

Nancy

Hi

I am waiting for an answer... this is my first posting..

Nancy

You might fair better by stating your question in the forum of Real estate.

Not sure if I have the correct answer your looking for but if I understand your riddle correctly, its the person who retained the mortgage that gains the tax benefit.