Are you buying a home with someone you aren’t married to? If so, the IRS says that you may each be entitled to deduct half of the cost of the mortgage interest and real property tax you paid. This is true even if only one of you receives a Form 1098, Mortgage Interest Statement, from the lender and/or a property tax statement from the local taxing authority. However, certain conditions must be met. For example, the house must be the principal residence for both of you. You also must both be legally obligated to pay the expenses and you must have paid them during the year. Contact us with your questions, or get more information in the sixth question here: https://bit.ly/42dfoOg © 2024