Who Can Claim the Mortgage Interest Deduction?

Who gets to claim the mortgage interest rate deduction?

Laura Adams, MBA
2-minute read

Carl asks: My partner and I own a home together. We are both listed on the mortgage, but the Form 1098 from the lender only lists my name and Social Security number. Who gets to claim the mortgage interest deduction?

ANSWER: If you own a mortgage on an eligible property you can deduct the amount of interest you pay, as long as you itemize deductions on your tax return.

Let's say Carl and his partner split the mortgage payment 50/50 during the entire year. Since they're both legally responsible for the mortgage, each one can claim 50% of the mortgage interest on their respective tax returns.

Lenders send out Form 1098 at the end of the year to document the total amount of interest paid on the mortgage. It's not uncommon for them to list just one borrower on the form, even when there are multiple borrowers.

Regardless of the name on the Form 1098 or who receives it in the mail, what's important is how much the mortgage borrower(s) paid in interest and how much.

To learn much more about this valuable tax deduction, watch my Mortgage Interest Deduction FAQ Video.

You'll find out the types of properties and loans that qualify, plus get the answers to several common questions, including whether you can claim mortgage interest if you make mortgage payments, but aren't listed on the mortgage.

Click here to watch the Mortgage Interest Deduction FAQ Video

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.