How do I file taxes for house if owned by 2 separate individuals?

[Zack Tran]

Hi everyone,

Now that tax season is soon dawning upon us, I was hoping to get some insight on the best way to file my taxes being that my friend and I both own the property and are filing as separate individuals.

In terms of the mortgage interest, property management write-offs, misc. expense writeoffs, how do we file it? Someone told me I should go ahead and split all the costs in half, he would file half of the expenses on his return, and I on my return.

E.g. If mortgage interest was $500 from last year, he would do $250 on his return and I $250 on mine.

Let me know if that is correct.

Thank you!