My boyfriend and I purchased a home at the beginning of December, I'm wondering if the property taxes and mortgage interest can be deducted on both of our returns or only one.
In order to deduct mortgage interest and property taxes, there are two requirements.
1) You must actually pay the interest and taxes.
2) You must be legally liable for the debt or hold title to the property.
If you are both legally liable and both make equal payments, you should each deduct 50% of the mortgage interest
and property taxes.
In other words, you should deduct according to your liability and the dollar amount of the deduction you paid
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