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This answer is from My 62 year old mother and I bought a house last year. Both our names are on the house. How do we both claim it on our taxes?

Kelly Phillips Erb
FiLife Contributor
9 months ago

There are basically two deductions that apply to the ownership of a home: the real estate tax deduction and the home mortgage interest deduction.

Your lender should issue a form 1098 to you, which should have the information that you need to complete your tax returns. If the mortgage is not in both of your names, then the taxpayer who actually owned the mortgage and made the interest payments to the mortgage company can properly claim the deduction. If you don't have a mortgage on the home, there is no applicable deduction.

With respect to the real estate taxes, the tax bill should reflect the joint ownership. If it doesn't, you should check with your local taxing authorities and get that straightened out - there are potentially other tax benefits (such as freezes) that your mother may qualify for on a state and/or local level.

In some cases, the cost of your real estate taxes is reported by your lender (depending upon your mortgage agreement) and would be reported on your form 1098.

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