In other words, who of the two owners are allowed the tax deduction for property tax and mortgage interest if the title and mortgage papers have only one owner's name on it?
2007-01-30 15:28:13 · 8 answers · asked by Ro~zia 1 in Business & Finance ➔ Taxes ➔ United States
You can split the interest and property taxes if you actually shared the expense. If the interest was reported on a Form 1098 (it usually is, or a form letter that takes its place) include a note on the return of the person whose name and SS number is on the 1098 explaining that the balance of the interest deduction goes to the other owner and provide that person's name and SS number. You'll have to file a paper return.
2007-01-30 15:34:21 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Simple. The person who's name is on the title and mortgage is the only person(s) allowed to actually claim the deduction. The IRS can obtain a copy of your end of year report (1099 form - I believe) from the mortgage company (if they are not already receiving one)
Hopefully you have more than a say so agreement on your property in case one of you were to have an unfortunate event occur.
2007-01-30 15:35:04 · answer #2 · answered by friendly advice from maine 5 · 1⤊ 0⤋
I realize that only one person can take the property tax deduction, and it would seem to me that the obvious choice would be the person whose name is on the mortgage papers. However, somehow I can't but think that there is more to your question. Surely whatever return you receive you will be splitting that portion calculated from the mortage with the person whom you split the cost of the house.
2007-01-30 15:49:53 · answer #3 · answered by ThinkaboutThis 6 · 0⤊ 0⤋
The name of the owner of the house gets the tax deduction.
If you are not married, or "domestic same sex state partner" then you have no rights.
You are considered a tennant and can deduct renters tax.
if you are paying 1/2 the house payment-- and don't have your name on the deed to the house, or the bank records that you are a co-owner, you don't have a home, you have no legal rights, unless you are married, or have lived like a married couple for over 7 years then you would have to go to court.
Sorry, this sounds like you have been paying for 1/2 of someones morgage, and you are in the eyes of the law a TENNANT. A RENTER. I would get a renter's agreement, or have my name added as co-owner.
Do you pay property taxes too???? hummmmmmmmm?
2007-01-30 15:39:44 · answer #4 · answered by Lilly 5 · 0⤊ 0⤋
If the deed and mortgage have only one name, that is the person who gets the deductions. Its the tax law, check with the IRS.
2007-01-30 15:33:21 · answer #5 · answered by The Cythian 3 · 1⤊ 0⤋
If there is only one name on the papers, that person gets the benefits. But joint tenants may agree to split things up, and each would take that portion (typically half) prescribed by the agreement. A note to that effect added to the tax return will keep the revenooers happy.
2007-01-30 15:32:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would assume that if one person's name was on it, only that person could claim it.
In our case, both of our names were on the documents. We would either take turns getting the deduction or split it. What ever worked best for the year.
2007-01-30 15:32:34 · answer #7 · answered by sgirl 2 · 0⤊ 0⤋
It's the person who is named on the mortgage. Then it's up to them to give the other their share.
2007-01-30 15:36:00 · answer #8 · answered by Kacky 7 · 0⤊ 1⤋