1098 Mortgage Interest
libmili3368
Member Posts: 1 Newcomer
Hi there. My family member and I have co-owned a house for a year now, and we both file our taxes as single individuals.
How do we report the amount on our 1098 form properly? Do we need to somehow split the value of the deduction listed on the 1098 between our two separate filings?
I imagine that’s the case but want to confirm as new homeowners.
0
Answers
-
Hello libmili3368 - If you and your family member jointly and equally owned the house, and make payments in equal percentage, then you do divide the mortgage interests and property taxes on each of your tax return. The IRS has an FAQ that specifically answer your question on how to report the house expenses:
0
