Split Deductible
September 3rd, 2010
Question: If we have a cosigner for a mortgage do we both get to claim it on our taxes?
My wife and I would like to buy a house, but with a low credit score (because of no credit) we will need to get a cosigner. When it comes time for tax time, do the cosigner and the homeowner split the tax benefits (Deductible Interest and taxes paid) or does only one of the two parties receive it?
Answer: The person who actually pays the money receives the tax deduction. If both parties pay part of the mortgage, both parties can take part of the deduction equal to their percent of the moneys paid.
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