You would claim the amount that you pay, and he/she would claim the amount that he/she pays. You can work out an agreement between the two of you also and use that.
Be sure that whatever you do, the amounts each of you claim equal the amount on the mortgage statement for interest paid. You'll also have to figure out how to claim the property tax as well, unless one of you just pays all of it. Typically, the taxes are part of the escrow and are paid by the mortgage company.
By splitting the interest expense, will you have enough expense dollars to itemize your taxes?
No comments:
Post a Comment