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gm21054693
February 5, 2021
Question

Outstanding mortgage principal - if we are splitting the mortgage unevenly (73% and 27%) do we use that percent for what we're liable for, or half?

  • February 5, 2021
  • 1 reply
  • 0 views
Both our names are on the mortgage, and our split percent agreement is based on each year's household contribution percent from each of us. So would we be liable for 27% and 73% respectively, or 50-50 since both names are on the 1098?

1 reply

M
mglauner
February 5, 2021

Enter the Mortgage Principal as shown on your 1098 on each of your returns. 

 

If both names are on the Mortgage, you can split the Mortgage Interest and Property Tax deductions any way you agree on.

 

You will need to do the calculations to determine how much to claim on your individual returns.

 

You may want to consider whether one or both of you is eligible to file Itemized Deductions. 

 

Click this link for more info on Splitting Mortgage Interest Deduction. 

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