claiming half of interest for end of year taxes

jennifer281970 · Joined: 28 Jan 2008 Posts: 1 1.32 Dollars($)

hello, i was a coborrower of a home that i left in sept 2007 since i was there for 9 months out of the year ia m intitled to half of the interest from the morgage's there are two one at a higher rate and one at a longer rate of interest how do i figure this out if want to do the taxes myself.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jennifer,

As a co-borrower you can pay half of the tax that you are entitled to pay. But I am not a tax consultant. So better you should talk with a tax consultant.

Best of luck.

helping_user

Welcome Jennifer.

Even though you have been 9 months out of the home, yet, if you have been paying your share of the payments and occupy the property as a co-owner, it will be possible for you to claim the interest for tax deductions.

I do have a question here - do you have two mortgages? I find you saying that one is at a higher rate and the other has a lower rate.

Thanks.

greg1 · Posted: Tue Jan 29, 2008 6:40 pm Post subject:

You do not want to calculate the interest paid yourself. Wait for the interest statement from both mortgage institutions before filing your taxes if you plan to file long form.

I am a tax preparer.

Tell me more about your situation. Did you sell the property? Did you move due to divorce? Is your name on both mortgage loans? Was the home foreclosed on?

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