What is the difference between a first a second borrower on a mortgage loan (regarding tax)?

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As joint tenant can one or the other borrower can report mortgage interest to the tax report.

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    February 1, 2011 at 5:06 pm

    Assuming that both people are on title to the residence, who ever writes the check gets to take the deduction. If you are ever audited on mortgage interest, the IRS will want to see checks to support the interest deduction.

    Jim Kirby, CPA/PFS, CFP, CFS

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