Co Own a house -- tax question.?

I co own a house with my fiance. We are getting married in 2014, so we are not married yet. We bought the house in April 2013. Both our names are on everything related to the house.

My question is. How do we file this?

My preference would be for once of us to claim it and the other not. Let's just say him. If this is the case, does he have to claim my contributions to the house payment as income?

Just some detail:

--We pay PMI

--We filed FHA

--We are each first time home buyers

--We make over 100k combined, but under 100k separately (matters for PMI write off)

Update:

If we each claim the part we paid (half) then how will that affect PMI write off?

We are going to split the total refund, we just want the maximum refund.

Update 2:

If we each claim the part we paid (half) then how will that affect PMI write off?

We are going to split the total refund, we just want the maximum refund.

5 Answers

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  • 7 years ago
    Favorite Answer

    In regards to the PMI, and real estate tax, you each need to prorate the amount you actually paid for the total mortgage payment. It is then computed as an individual on each of the returns you file.

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  • tro
    Lv 7
    7 years ago

    if yo are both on the mortgage you are both eligible to claim your half

    if you pay the mortgage from comingled funds

    or

    if one of you pays the mortage from their separate funds, that person claims the interest and related deductions

    until you are married you will each file separately, not combining the income, and you will each have your own standard deduction to consider

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  • NA
    Lv 7
    7 years ago

    See schedule A instructions on how to report. He claims the part he paid; you do the same.

    Your payments are not income to him. He can't claim everything.

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  • 7 years ago

    You each deduct what you paid. Same with PMI.

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  • 7 years ago

    You can deduct the deductible expenses that you legally owe (name is on the bill) and you also physically paid... IF you itemize. It is possible you didn't pay enough to actually itemize.

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