I am interested in purchasing a home. I was told by my accountant that if you purchase the home under two names, and you borrow the loan under two names, if one of the owners pays the interest of the monthly portion of the mortgage 75% of the time and the other owner pay the interest 25% of the time, you can take the tax deduction for that 75% that you paid and the other owner gets the tax deduction for the other 25% that is paid? Does that apply for Tenancy in Common ownership or Joint Tenancy Ownership? Also, is this possible? The reason why I want to have the flexibility of having the loan interest being paid by two people is that in case I lose a job, I want my mother who happens to be the other owner to be able to pay it and get the tax deduction also. Thanks for your help.
- posted
16 years ago
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