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RD
RD, Certified Public Accountant (CPA)
Category: Tax
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I share a house with my partner - we each pay half the mortgage.

Customer Question

I share a house with my partner - we each pay half the mortgage. The mortgage is in my name only (he has some credit issues); his name is XXXXX XXXXX deed, and on any property tax notices we receive. I will be filing taxes as if i'm the only one paying the morgage. How does/will he benefit from any refund i may receive? Advice appreciated. Thanks.
Submitted: 4 years ago.
Category: Tax
Expert:  RD replied 4 years ago.

Generally mortgage interest expense is deductible and shared between joint owners.

 

If you are claiming the interest expense deduction than your partner will not get any tax benefit from the refund you receive. You can share the refund with him or both of you can claim half of the interest expense.

 

Pursuant to IRS Regulation Section 1.163-1(b) you are allowed to deduct otherwise deductible interest you pay on a loan secured by a mortgage on property you own even if your are not otherwise liable on the note.



Edited by RD on 2/1/2010 at 3:49 AM EST
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
RD and 5 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
just for clarification. Can each of us claim half the interest expense even though the mortgage is totally under my social security number?
Expert:  RD replied 4 years ago.

Yes, that is correct. As I cited in my earlier post- as per Rev. Reg. you can each claim half of the interest that you paid on your tax return since the loan is secured by mortgage on the home that you both own.

 

 

Customer: replied 4 years ago.
Thanks! Sorry for the second question. I now see your complete first response - missed the first time. Thanks again.
Expert:  RD replied 4 years ago.

Not a problem. Thanks for using Justanswer.

 

 

Customer: replied 4 years ago.
Thanks again. Would the same be true regarding claiming property tax payments that were part of the mortgage payments - each of us claiming half of those payments? Thanks again.
Expert:  RD replied 4 years ago.

Yes, that is correct. You can also split and claim property taxed based on your joint ownership and amount paid.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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