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June 4, 2020
Question

Two people own a home. One person is head of household and submits the information from the 1098 on their taxes. Does the second person need to enter information from the same 1098 on their taxes?

  • June 4, 2020
  • 2 replies
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2 replies

Critter
Employee
June 4, 2020

No ... you cannot double dip.   If the one person claimed all the interest the other person has nothing to claim. 

June 4, 2020

Question #1: When multiple people buy a home together, who gets to claim the mortgage interest deduction? 

Answer:
Each owner can deduct the amount of interest they pay (if they itemize deductions on Schedule A). So if you own 25% of a home and pay a quarter of the mortgage payment, you can deduct a quarter of the interest. But if you pay the entire mortgage, you’re entitled to claim the full interest amount.

Question #2: I own a home with my partner—but I pay the mortgage. Can I take the full mortgage interest tax deduction?
Answer:
Yes, if you’re a legal owner of the home and pay the entire mortgage, you can claim the full amount of mortgage interest if you itemize on Schedule A.

Question #3: I’m married and file taxes jointly, but my wife is the only one listed on our house deed and mortgage. Can I claim the mortgage interest deduction?

Answer:

No, you can’t claim the mortgage interest deduction for someone else’s debt unless you are a legal or equitable owner of the property. Just making mortgage payments for a friend or family member doesn’t entitle you to the deduction.

Question #5: I bought a vacation home with my brother and we each pay half the mortgage each month. But my name is the only one listed on Form 1098—does that mean I can claim the entire mortgage interest deduction?

Answer:
No, you can only claim the deduction for the amount of interest you actually paid. Lenders typically send out a mortgage interest statement, which is Form 1098, at the end of the tax year to indicate the total interest paid—not who’s entitled to a deduction.