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| *The Commerce Journal>>>Other Taxes |
Taxes and Purchased a home with brother? |
I bought a home with my brother. It is two seperate units and we each live in one. How do we file our taxes this year? We are each on the mortgage and the title. We live in Pennsylvania. If you each pay half of the mortgage and half of the property taxes, then claim half the mortgage interest and half the property taxes on Schedule A - Itemized Deductions. Hopefully you will have enough deductions to itemize rather than taking the standard deduction. Assuming that you are each paying half of the mortgage and tax bills, to cover your own unit, you would split the taxes and mortgage interest, each of you taking half if you itemize, for your federal return. There aren't any PA tax implications since PA has a flat rate tax and doesn't give deductions for home expenses. |
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