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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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My Brother and I bought a house last year. We are both owners

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My Brother and I bought a house last year. We are both owners but the mortgage is in my name. I'm about to file my taxes and I need advice. What's the best way for us to handle the tax deduction of the mortgage interest since it's in my name? Is there a form I can fill out with his portion of the mortgage so he can claim deductions on his tax return, or do I use the whole deduction on my return and pay him the difference? What is the best way to handle this and what are the pros and cons for any solution? Thank you.

Generally - as long as your name is XXXXX XXXXX the title - as an owner or co-owner - you may deduct taxes and mortgage interest paid by you.

Your brother may deduct portion of taxes and mortgage interest paid by him.

There should not be double dipping - you may not deduct the same amount twice.


As long as you agree with your brother who will deduct and which amount - there should not be any problem - no any additional document needed to provide with your return.

If the IRS would question your return - you should be able to provide the proof that you own the property and you paid the portion of taxes and mortgage interest you reported as deduction.


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