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So from a tax perspective, do you report the mortgage interest on your taxes if you are on the note, or the mortgage?

In your case, I'd say it doesn't matter.

We're talking about investment property here, not a residence. Residences have some specific requirements regarding ownership and liability for the loan. Investment property does not.

With investment property, the things actually happening are as important as the formalities. Although each partner might not be legally liable for the loan, their property is encumbered by the loan and they are making payments on the loan. Therefore, they can deduct their portion of the mortgage interest.

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