Partties A & B both are named in a mortgage, but only party A pays for the entire amount each month..
Can party A take 100% of the mortgage interest paid for his income tax deduction ?
Hi cnh again!
either party can claim any or all of the interest. You must decide between the two of yu who will take the interest claim. 50/50 or 70/30 whatever you both decide. However you cannot both claim 100% or any overlapping amount. Just make sure you both know what the other is doing.
Connie Bramble 714-337-8718
That sounds logical to me, but I would agree with the other answer & double check with your accountant. Obviously Party A can prove that he/she is the one making the full mortgage payment each month including ALL of the interest part of the payment. I don't see why they couldn't take the full mortgage interest credit.
emilyknell1@yahoo.com
Hi Cnh,
Best bet is to talk to your tax consutant.
Warm Regards,
Jes Sierra, B.Sc., Realtor®
http://www.hellomynameisjes.com
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