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Posted by Bill Brown on July 13, 2007, 5:18 am
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> I am interested in purchasing a home. I was told by my
> accountant that if you purchase the home under two names,
> and you borrow the loan under two names,
>
> if one of the owners pays the interest of the monthly
> portion of the mortgage 75% of the time and the other owner
> pay the interest 25% of the time, you can take the tax
> deduction for that 75% that you paid and the other owner
> gets the tax deduction for the other 25% that is paid?
>
> Does that apply for Tenancy in Common ownership or Joint
> Tenancy Ownership? Also, is this possible? The reason why I
> want to have the flexibility of having the loan interest
> being paid by two people is that in case I lose a job, I
> want my mother who happens to be the other owner to be able
> to pay it and get the tax deduction also. Thanks for your
> help.
The nature of the ownership doesn't matter. If a taxpayer
owns the home and makes it his/her primary residence (or one
other personal residence), interest paid by that taxpayer is
deductible on Schedule A.
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