I own a home with my fiance. However, only my fiance's name is on the mortgage. Are we allowed to both claim the mortgage interest deduction if we split the bill?

ANSWER

The BIDaWIZ Team's Answer:

Yes, you can both claim the amount of mortgage interest paid as you do not necessarily need to be liable for the mortgage to claim the interest deduction. Rather, it's more important that you have ownership of the home and you paid the interest. Per Title 26 and CFR Section 1.163-1(b) of the internal revenue code, "interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness." Please note that this treatment also applies to private mortgage insurance premiums and real estate taxes.