mortage interest tax deduction

What is the name of your state? missouri

i know that i can deduct all the interest paid into my mortage at the end of the year but here is my situation and question:

1) I legally own the property with my ex fiancee - her name is on the mortage and the deed

2) In 2007 she has paid nothing into the mortage at all. I have made all the payments myself, she has paid NOTHING and i can prove this if necessary.

3) When i file my 2007 tax return can i only deduct 1/2 of the interest paid because of her name being on the loan/deed? or because i made all the payments can I deduct all of the interest paid?

thanks!

As a tax preparer, you are allowed to deduct the mortgage interest and the taxes that YOU actually paid. This caveat is true when YOUR name appears on the deed of the property.

You cannot deduct the mortgage interest or taxes that say you are helping out your mom with if your name does NOT appear on the deed.

So, if you paid all of it and have receipts to document it with the IRS, you are welcome to deduct it.


Directly from IRS publication 936:

More than one borrower. 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.

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. You should let each of the other borrowers know what his or her share is.

thank you so much,

what i have is bank statements showing the mortage payments being electronically drafted from my account every month throughout the year. Will that be all i need? thanks

That will be sufficient.