Have a Tax Question? Ask a Tax Expert
If you both are legally responsible for repayment of the loan on the home, you both can take the deduction for mortgage interest and property tax. You will deduct the amount that you actually paid. If you paid 50%, you can deduct 50%.
Let me know if you have more questions.
If you are not legally responsible for repayment of the loan, you cannot deduct the mortgage interest. It does not matter who is on the title.
It sounds like you were the mortgage holder, along with your brother, for the year of 2004 so you will be able to deduct the percentage of the mortgage interest that you actually paid. If you paid 50% of the mortgage, you can deduct 50% of the mortgage interest. If you paid a percentage of the property taxes, you can deduct that as well.
Let me know if you still have questions.
You cannot claim the mortgage interest for the year 2004. You can claim the portion that you paid from the date that you became legally responsible for repayment of the loan.
If YOU paid the property tax and you are on the deed, you can deduct it.
If you paid the property tax payments to the lender and they made the payments to the tax authority for you, this is not a deductible expense because you are not legally responsible for repayment of the loan.