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Basetip
Feb 1, 2008, 10:39 AM
If two unmarried people buy a house together, both names are on all the paperwork, can they divide the interest paid and both claim half on their Federal Income Taxes?

Thanks in advance
B

AtlantaTaxExpert
Feb 2, 2008, 12:19 AM
Yes, they can. However, BOTH must be obligated to pay the loan.

MukatA
Feb 2, 2008, 03:29 AM
Home loan interest is claimed on schedule A (Itemized deductions).

AtlantaTaxExpert
Feb 3, 2008, 04:54 PM
Agreed!