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Q: Tax Deductions - Cooperative Ownership with Joint Owners ( No Answer,   0 Comments )
Question  
Subject: Tax Deductions - Cooperative Ownership with Joint Owners
Category: Business and Money > Finance
Asked by: givemelowtaxes-ga
List Price: $25.00
Posted: 30 Jul 2004 12:04 PDT
Expires: 02 Aug 2004 10:31 PDT
Question ID: 381403
My brother and I have joint ownership (joint tenancy with rights of
survivorship) of a cooperative apartment in New York.  Both of our
names are on the mortgage.  Because he has a higher tax bracket than
I, I'd like for him to get all the tax deduction, but I want to pay a
large portion of the monthly payment, since I will be living there. 
Can we do this somehow?  Can I pay a chunk of money to the mortgage
company, have my brother pay a smaller chunk, but have all of the tax
deduction be on my brother's return?

Also, is interest paid on a home equity line used as financing for the
purchase of the same home tax deductable?  That is, we took out a
mortgage on our coop, but have a home equity line as well.  We needed
both to be able to finance the purchase of the coop.
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