I have co-ownership of my house with my parents. How would they get tax credit? Is there a form for this?

Question

I own 2/3 of the house, and my parents own 1/3. They have their own house so this would technically be their 2nd house.

Answer 1

There is no tax credit or special form for your situation.  Your parents can claim the mortgage interest and real estate taxes that they paid on their share of the property (1/3).  If they paid part of your share, they cannot deduct it.

These deductions are entered on Schedule A and benefit taxpayers who itemize rather than take the standard deduction.

Answer 2

You split the mortgage interest and property taxes between yourselves, claiming only what you each actually paid.  See the instructions for Schedule A for the additional documentation that you'll need to attach to your tax returns for the mortgage interest deduction.