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Old 11-16-2017, 03:21 PM
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two homeowners, not married, how to file?

Hello,

My boyfriend and I bought a house together this year. We are both on the mortgage, we both pay the mortgage. Obviously, we are not married and will not be filing our taxes jointly. My questions are: 1) what can we claim as deductions/expenses/whatever? Taxes? Interest paid? anything else?
2) how do we file that? can one person claim all of it? can we both claim all of it? can we split it 50/50 or some other way?

Thanks!
Allison


Last edited by aalbridge : 11-16-2017 at 03:22 PM. Reason: typo


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Old 11-17-2017, 07:53 AM
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Join Date: Oct 2010
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My boyfriend and I bought a house together this year. We are both on the mortgage, we both pay the mortgage. Obviously, we are not married and will not be filing our taxes jointly. My questions are: 1) what can we claim as deductions/expenses/whatever? Taxes? Interest paid? anything else?=======>yes aslongas each of you iotemizes his/her deductions on Sch A of 1040, each of you can claim those home mort related expenses including pty taxes on his/her return; Mortgage interest is any interest you pay on a loan secured by your main home .since you are the primary borrowers, you are legally obligated to pay the debt and you actually make the payments.as said, the mortgage interest , pty tax deduction is only available ONLY if you itemize, and many people don?t itemize. It?s typically best to take the largest deduction available if your standard deduction is more than you?d get from itemizing, your mortgage interest costs might not offer any tax benefits.


2) how do we file that? can one person claim all of it? ==.
As said each of you can claim his/her deductions aslongas he/she pays his/her mortgage pmts.

can we both claim all of it? can we split it 50/50 or some other way?=====> Mortgage lenders are required to send out Form 1098 each year to you, the borrowers, on record. It shows how much you paid in interest, mortgage insurance, and deductible points during the year.Since you own the home with your BF, The agreement you made and put in writing was that if your BF got the mortgage, you?d be responsible for some of the minor handy work and you?d each pay 50% of the mortgage. Both your names are on the title of the property but say, if your BF is the only one listed on the mortgage so he?ll be the only one who receives Form 1098. But since he paid half of the mortgage payments, he?s only entitled to 50% of the mortgage interest deduction and you?re entitled to the remaining 50%. Ideally, you should get a copy of Form 1098 from your BF to submit with your tax return.



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