Question
Mortgage Co-ownership - Who is liable for the loan?
My partner and I plan to split the mortgage interest deduction and the taxes we paid last year. Turbotax asks you to enter how much you paid on the mortgage interest and how much you paid on the taxes. This gets split in half, so that's easy.
BUT, Turbotax also asks for the loan amount and asks you to enter only what you are liable for. As co-owners, we are joint and severally liable, so does this mean we would both enter the total loan amount?
