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March 25, 2021
Question

Co-borrower on mortgage loan. On 1098, for "Outstanding mortgage principal" it advises to "enter only the portion you're liable for." Is that half or all?

  • March 25, 2021
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1 reply

March 25, 2021

If you have more than one borrower on a mortgage loan, then each borrower can only deduct the amount of interest he/she actually paid. For the outstanding mortgage principal, each borrower report the share he/she is liable for, in your case 50% of the principal.

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