Who gets mortgage interest?

[LCP]

When unmarried individuals buy a home together?

Must they split it 50:50?

Can it be allocated based on who could/did pay it?

Can it be deducted entirely be either regardless of the above??

[gkaiseril]

Are both names on the mortgage statements and documents?

If so then just attach a statement showing who by name and ssn are getting the split amounts or who is getting the amount.

If the names are not then include a statement as to why the unnamed individual is entiltled to the deduction and how the items are split.

You can split the values any way they want.

[FEDUKE404]

Gotta owe it - gotta pay it

If both names are on the mortgage/deed and on the Form 1098, whoever "paid" the mortgage interest can claim it.

So far as I know, there are no hard and fast rules re allocations, although of course what they claim together cannot exceed the total amount. It goes without saying documentation would have to exist to show what A and/or B actually "paid" to the mortgage company (checks/receipts/etc). You can't just make up the facts when tax time rolls around.

If both names are not on the Form 1098, then the mortgage interest goes on a separate line of Schedule A with explanatory information.

A somewhat similar issue may exist for the property taxes??

FE

[gkaiseril]

See page 2 of IRS Pub 936. Both individuals need to be liable for the "secured debt" and the home must be a "qualified residence". Both terms are defined in the publication.

The instructions for Schedule A also require one 'owns' the real estate, so technically both names need to be on the deed and if possible on the tax bill.

[FEDUKE404]

Two factors

See page 2 of IRS Pub 936. Both individuals need to be liable for the "secured debt" and the home must be a "qualified residence". Both terms are defined in the publication.

The instructions for Schedule A also require one 'owns' the real estate, so technically both names need to be on the deed and if possible on the tax bill.

Your point only addresses the "can they" aspects - of course to deduct the item the person must also have PAID the item.

I would make an educated guess that the owners do not have a joint checking account.

Merely "claiming" the deduction will not carry much weight.

FE