"wayne...[at]gmail.com" <wayne...[at]gmail.com> wrote:

- quote -

The nature of the ownership doesn't matter. If a taxpayer
owns the home and makes it his/her primary residence (or one
other personal residence), interest paid by that taxpayer is
deductible on Schedule A.

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

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.

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >