Mortgage tax write off?

My brother and I bought a house last year, although only his name is on both the title and mortgage. Every other month, I write a check to pay for the mortgage, so we each pay equal amounts in the year. Can I write off half the mortgage tax credit and he takes the other half?

Mortgage tax write off?

Bob%26#039;s solution is pretty good, you have no write off at all, there is no way to divide the write off. But, your brother can compensate you.

Mortgage tax write off?

No. The mortgage company sends a 1098 form to the IRS and to the homeowner with the interest paid amount in the name of the person on the Note. Only that person may take the write off.

Think of it like this- can a renter take the deduction since they are paying the payment each month? Nope- in the eyes of the IRS he is the sole owner.

Mortgage tax write off?

sorry to inform u .

u do not own a house, ur brother does.

if u have an investment contract to this house u may have legal recourse.

however u have no legal attachment to this house.

if u believe so do contact a qualified lawyer.

IRS says u own no house and will get u if u file so.

sorry

Mortgage tax write off?

Actually, no. You may have written a check, but it%26#039;s not interest because you haven%26#039;t signed a loan and have no legal obligation to pay. He should have reciever a copy of Form 1098 from the mortgage holder. The name on that is the name the bank reported to the IRS as having paid them. If you try to deduct it, it won%26#039;t match and 1098s that the IRS has.

What I would do is have your brother deduct the whole thing and then the two of you figure out what the deduction was worth and your brother gives you his check for half.