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. |