Will both parties recieve a tax benefit from buying house, if you are not married?
March 21, 2009
PZ asked:
As I understand it, interest on the mortgage, and real estate taxes are tax deductable, if you own a home. I am thinking about purchasing a home with my fiancee, i was wondering if we would be able to both benefit from the interest and real estate taxes paid, when filing our next years tax return.
As I understand it, interest on the mortgage, and real estate taxes are tax deductable, if you own a home. I am thinking about purchasing a home with my fiancee, i was wondering if we would be able to both benefit from the interest and real estate taxes paid, when filing our next years tax return.
3 Responses to “Will both parties recieve a tax benefit from buying house, if you are not married?”
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March 22nd, 2009 at 12:44 pm
Only the one who actually pays gets the benefit on taxes, since you can’t file jointly. Whosever name is on the mortgage and pays the mortgage will also get to claim the interest. If you are both on it, and both paying, you will have to talk to a tax expert.
Whoever pays the taxes gets that benefit. You might be paying the mortgage, and he might be paying the taxes so you would both benefit.
March 24th, 2009 at 4:10 pm
One of you has to assign 1/2 the benefit to the other. It would also help if each of you made out a check for 1/2 of the taxes and interest. Not necessary though. A written statement to the other party will suffice.
March 27th, 2009 at 10:42 pm
Yes, if you both are on the mortgage and title.