Posted on: 02nd Feb, 2009 03:53 pm
I am a joint tenant with a fellow Marine. We are equal owners, however, the other owner was able to make a large down payment and I accordingly pay 2/3 of the mortgage monthly. Am I entitled to claim 2/3 of interest for tax purposes as well? What's my avenue for having this explained legally?
Welcome bigding,
You will be able to claim tax deduction on the mortgage interest if you an owner of the property and have your name on the mortgage. You've said that you pay 2/3 of the monthly installments. But do you have your name on the loan?
You will be able to claim tax deduction on the mortgage interest if you an owner of the property and have your name on the mortgage. You've said that you pay 2/3 of the monthly installments. But do you have your name on the loan?