How can I file taxes when co owning a home but not married?
My boyfriend and I bought a house together last year. Now it is time to do our taxes but since we are yet married we cannot file a joint return. How do we go about reporting the expenses on the home. I received the papers from the bank to file with but not sure what to do with them? Do we file independently and report the same numbers. Or does only one of us report the house info? How does it work? Thanks.
Also, we both used the simple version of Turbo Tax last year, and it was a great experience...can we do this again?
- troLv 77 years agoFavorite Answer
you don't report expenses of the home those are living expenses and not deductible
as for the mortgage, who is responsible for the mortgage? you, the b/f or jointly?
if you are each responsible(on the mortgage contract) you share the mortgage interest and claim half on your Sch A
the rule is the one who is responsible(and pays) is the one to claim
as for efiling, www.irs.gov has a free efile available that is as good as any tax program on the market
- 7 years ago
“My boyfriend and I bought a house together last year. Now it is time to do our taxes but since we are yet married we cannot file a joint return.”======>
Correct ; You need to be married to file your return as MFJ/MFS.You need to file your return as Single.
“How do we go about reporting the expenses on the home. I received the papers from the bank to file with but not sure what to do with them? Do we file independently and report the same numbers. Or does only one of us report the house info? How does it work? “=====>Each of you can only deduct that portion of the real estate taxes, home mortgage interest, and PMI that you actually paid. If only your name is on the mortgage and title of the home, then your BF can’t deduct mortgage interest expenses that he paid.To deduct mortgage interest expense, his name should be on the note or title. If only your name is on the mortgage note/title and both you and your BF pay, only you can deduct only the interest expense that you pay; you cannot deduct payments you make for someone else if you are not legally liable to make them. However, interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness.” it means that you may deduct the mortgage interest you paid so long as you are an owner of the property, even if you are not specifically named on the loan.Legally you should split the interest and real estate taxes for the house according to who actually paid it - if you split the payments evenly then yes, the deductions would be divided evenly. if you share the mortgage interest deduction with another person,Your BF in this particular caser, but he is not named on Form 1098 (which is the form the lender sends you showing the mortgage interest that was paid during the year), he’ll want to create and attach a short and simple statement to his Sch A that says how much of the interest you each paid and gives your name and your social security number who received the 1098.
Also, we both used the simple version of Turbo Tax last year, and it was a great experience...can we do this again=======>I guess so; you need to write on Sch A the name of the bank or mortgage company to which you paid mortgage interest, and write the amount you paid during the tax year. The lending institution is required to send you a Form 1098 with this information.Write on Sch A the name of anyone else you paid interest to for a mortgage loan.
- Ryan MLv 77 years ago
You don't really file on the expenses of the home.....you only deduct the interest and property taxes that were paid. As for how you split those, it is up to the two of you to decided but you CANNOT claim more combined than what was actually paid out. You cannot use Turbo Tax Basic for this.
- card-ronLv 77 years ago
You each report the deductible expenses you individually paid. So, if you split the mortgage 50-50, you each claim half of the mortgage interest. If only one person paid the mortgage, that person claims all of the mortgage interest.
If you paid deductible expenses using comingled funds (such as a joint checking account to which you each contribute), you can generally divide the expenses in whatever manner is most advantageous to you.
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- 7 years ago
If his name is on the documents, then you each deduct what you actually paid. You can only claim what you legally owe AND physically pay.