Sch A Mortgage Interest & R E Taxes

[karen]

2 friends purchased house for vacation home and/or possible retirement for one of them. Individuals are not related - both are on mortage loan and deed. Mortgage interest 1098 reported under one SS # - instead of splitting 50/50 on returns can one claim all the deductions one year and the other the next year?

Has anyone done this?

Thanks for your help in advance.

[Bees Knees]

You split the interest and taxes between the two joint owners each year. Do not give 100% to one in one year and 100% to the other in another year.

If the 1098 only has one SSN on it, put 50% of the interest on line 10 of Schedule A for the one who has the SSN on the 1098. Put the other 50% of interest on line 11 of Schedule A for the one who does not have the SSN listed on the 1098. Since that person is not paying the interest to the person the house was purchased from, there is no need to list the recipient’s name, address, and SSN in the lines next to line 11.