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Itemized Deductions Schedule-A


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Old 02-15-2015, 08:57 AM
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Unmarried couple bought a home together

My boyfriend and I bought a house together in Florida in 2014. We both reside in this home as our primary residence and are not married. I know that we cannot file our federal taxes together, but how do we claim the house? If only one of us claims the house, who should, the person who made less money, or the person who made more money? Thanks. - Tracy



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Old 02-15-2015, 04:37 PM
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My boyfriend and I bought a house together in Florida in 2014. We both reside in this home as our primary residence and are not married. I know that we cannot file our federal taxes together, =========>>correct unless you are married, no MFJ/MFS status allowed.


but how do we claim the house? If only one of us claims the house, who should, the person who made less money, or the person who made more money?====>>>>>>>>>
You don't mention whether your name is on the deed and/or mortgage. you may get into an agreement with your boyfriend under the terms of which you will continue to pay the mortgage till the loan has been repaid. Further, at the end of the loan term your boyfriend would agree in the contract that the ownership of the house will be transferred to you or he will retain his share in the ownership but repay you his share of the loan repaid by you along with due interest.
You should split the deductible expenses in the proportion you paid them. Each of you should deduct what he or she paid.however, If you each paid half, you each GET half. If he paid 2/3rds and you paid 1/3rd, adjust accordingly.
note; unless you itemize deductions on Sch A of 1040, you(or your BF) can never claim mortgage interest exp/real estate taxes or repairs or etc. Each of you may only claim the amount you actually paid; if you meet two criteria on a home mortgage you can deduct it. If you’re liable for the loan/you actually made the payment.

Whose SS number is on the 1099 affects how it's reported, but doesn't have anything to do with the rules for qualifying for the deduction. You can't just "split" the amount unless you each actually split the payments. If only one person makes the payments, then, that person is the one who gets the deduction, regardless of whose name is on the 1099. Whoever made the payment gets the deduction, even if the other person paid utilities, food, etc.
Let's say you and your bf both made 1/2 of each payment with checks. The 1099 is in your bf's name and his ssn#. You deduct 1/2 of the mortgage interest (and taxes). Your bf also deducts half the interest and taxes, but you need to include information with your return pointing to bf's return and SS number so the IRS matching system will stay happy and not spit anything out. You may only deduct the interest on a home in which you are the primary borrower and legally obligated to the debt AND make the payments. if you are not liable for the mortgage you cannot deduct the interest even if you pay the entire mortgage.so if you aren't on the mortgage, you're not legally obligated to pay it even if you do.



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Old 02-16-2015, 01:51 PM
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Cheers,
Corei7vne



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