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If me and my partner both have our names on our mortgages...?
we have 2 mortgages; can we each claim one or who claims what in this case? I am responsible for one and she's respsonsible for paying the other.
3 Answers
- JudyLv 71 decade agoFavorite Answer
You deduct what you pay, so yes, she'd deduct the interest on the one she pays, you'd deduct the interest on the one you pay.
The property taxes are probably paid by an escrow account on the main mortgage - whoever pays that one would take the property tax.
- Mark SLv 51 decade ago
You can each claim what you are legal obligated to pay UP TO the amount you actually paid.
In other words, if you were obligated to pay mortgage 1 and only made 11 payments while your partner paid the twelfth, but you paid six of hers, you can only take eleven months worth of interest and she can only take six months of hers and none of yours.
Source(s): 16 years experience as tax professional and Enrolled Agent - Anonymous1 decade ago
Sure why not? You both signed the payment agreement.
