Author Topic: Claim 100% of Mortgage interest for co-owned duplex?  (Read 354 times)

loco5niner

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Claim 100% of Mortgage interest for co-owned duplex?
« on: March 23, 2017, 08:41:21 AM »
Hi there, my brother (married with 5 kids) and I (single, no kids) haved owned a duplex together (my name, his name, his wife's name are all on the mortgage) in Oregon.  When we purchased in 2008, we had an agreement that we would each claim 50% of the mortgage interest deduction.   Just this year, we were talking and I discovered he has been taking the standard deduction this whole time!   Even though we split the monthly payments 50/50, I believe I can amend the previous 3 years returns to claim 100% both the Mortgage interest and the Mortgage insurance premiums.  Is this true?  What is my best way to go about this?  Find a local accountant?   Use the tools on taxact.com (where I have filed at least the last 3 years)?  The site does have an option for amending returns.

Thanks for any feedback! 
Chris

KeithTax

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Re: Claim 100% of Mortgage interest for co-owned duplex?
« Reply #1 on: March 23, 2017, 07:06:29 PM »
Whoever paid the interest gets to deduct it. If you split the payment 50/50 you can't claim your brother's mortgage interest he paid.

loco5niner

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Re: Claim 100% of Mortgage interest for co-owned duplex?
« Reply #2 on: March 23, 2017, 09:04:48 PM »
Bummer.  Thx for the reply!

Chris

jgordon1

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Re: Claim 100% of Mortgage interest for co-owned duplex?
« Reply #3 on: April 23, 2017, 09:45:07 AM »
Well maybe this year you can pay the bill and your brother could "lend" you some money