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who claims the mortgage with 4 people?

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themelliotts

Junior Member
What is the name of your state? NH

Hi Everyone. This is my first time on this site, so if I'm in the wrong place, just let me know! I was wondering if anybody knew how we would go about claiming the house (two-family) if both my husband and I co-own it with my brother and his wife. We both live there, so it would not be a case of renting it for income.

thanks!
 


S

seniorjudge

Senior Member
Generally, the person(s) who are legally obligated to make the mortgage payments AND who do in fact make the mortgage payments can take the deduction.

However, I am NOT a tax attorney.

Stand by for further opinions.
 
N

nextwife

Senior Member
themelliotts said:
What is the name of your state? NH

Hi Everyone. This is my first time on this site, so if I'm in the wrong place, just let me know! I was wondering if anybody knew how we would go about claiming the house (two-family) if both my husband and I co-own it with my brother and his wife. We both live there, so it would not be a case of renting it for income.

thanks!
Click to expand...
Presumably each couple owns and pays half the mortgage? Half the property taxes?
 
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themelliotts

Junior Member
Thanks to both of you for your replies...yes, both couples are equally obligated legally to the mortgage loan and pay the property taxes through an escrow account within the loan. When filing, I was wondering how we would go about claiming the house? Would it be split between both parties equally each year or would one couple claim fully one year while the other couple claims nothing and then vise versa the following year? This is our first year owning and I want to make sure we're doing things correctly. thanks!
 
LdiJ

LdiJ

Senior Member
themelliotts said:
Thanks to both of you for your replies...yes, both couples are equally obligated legally to the mortgage loan and pay the property taxes through an escrow account within the loan. When filing, I was wondering how we would go about claiming the house? Would it be split between both parties equally each year or would one couple claim fully one year while the other couple claims nothing and then vise versa the following year? This is our first year owning and I want to make sure we're doing things correctly. thanks!
Click to expand...
You simply split the mortgage interest and property taxes in half, and each couple claims their share.
 
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