Who Can Claim the Mortgage Interest Deduction?
Who gets to claim the mortgage interest rate deduction?
Laura Adams, MBA
Carl asks: My partner and I own a home together. We are both listed on the mortgage, but the Form 1098 from the lender only lists my name and Social Security number. Who gets to claim the mortgage interest deduction?
ANSWER: If you own a mortgage on an eligible property you can deduct the amount of interest you pay, as long as you itemize deductions on your tax return.
Let’s say Carl and his partner split the mortgage payment 50/50 during the entire year. Since they’re both legally responsible for the mortgage, each one can claim 50% of the mortgage interest on their respective tax returns.
Lenders send out Form 1098 at the end of the year to document the total amount of interest paid on the mortgage. It’s not uncommon for them to list just one borrower on the form, even when there are multiple borrowers.