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Updated almost 6 years ago,
Rent and taxes for one Co-borrower living in home
Hi,
I am a co-borrower with my brother on a condo. I live in the condo but my brother does not, so I pay the entire mortgage and property taxes. I also occasionally rent out the spare room.
1) Do I claim 100% of the mortgage interest and property taxes? We used to split it when 50/50 when he lived in the condo.
2) How should the rent be reported since I collect the rent but it is use to pay my brother's half of the mortgage?
Thanks!