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My daughter and I own a house together. Her name is on the mortgage, but both our names are on the deed. Can we each claim half of the yearly interest and real estate tax on our income tax returns?

In order for both of you to claim one-half of the interest deduction, both of you must be legally liable for the loan. Since only your daughter is legally liable for the loan, only she can deduct the interest she paid. Since both of you are legal owners of the property, both of you may deduct one-half of the real estate taxes paid during the year. For more information, refer to Publication 936, Home Mortgage Interest Deduction; Publication 17, Your Federal Income Tax for Individuals; Publication 530, Tax Information for First Time Homeowners; Tax Topic 505, Interest Expense; and Tax Topic 503, Deductible Taxes.

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