My partner and I own a home together. We each file as single. How do we deduct the real estate taxes and mortgage interest?

My partner and I own a home together. We each file as single. How do we deduct the real estate taxes and mortgage interest?

It depends on how you hold title to the home. If you have a joint tenancy, then the one who pays the property taxes can deduct them in full (because each tenant is fully liable for all of the taxes).

If you have a tenancy in common, then each tenant can deduct only his or her share of the property taxes.

Similarly, look to the terms of the mortgage. If each owner is fully liable for the debt, then the one who makes the mortgage payments claims the interest deduction.

Of course, if the funds to pay the taxes and mortgage are from a joint bank account, then the payment is viewed as being made by each person on the account. Each person could deduct their portion of expenses covered by the checks.