My boyfriend and I just bought a home a few months ago. We are not married. Do we each file our house separately? Or does only 1 of us?
2007-02-23 06:53:05 · 3 answers · asked by Student12345 2 in Business & Finance ➔ Taxes ➔ United States
We moved in in October '06.
2007-02-23 07:07:32 · update #1
If both of you are listed on the mortgage, you can split the deduction for the mortgage interest. If only one of your SSNs is on the Form 1098, that person needs to enclose a note with their return stating that the mortgage interest deduction is being split and list the name and SSN of the co-borrower.
2007-02-23 07:39:12 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You probably didn't have enough Mortgage Interest to even claim, but in the future if the Mortgage is in both of your names, you can each claim a portion of the Interest.
Check with a tax professional....
good luck & bless
2007-02-23 14:57:50 · answer #2 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋
Please clarify. If you mean do you file separate Federal tax return my suggestion would be for you to prepare your tax filing both jointly as well as separately (dividing the interest expense and closing costs evenly between you) and see which one gets you then greatest refund. Beware however that you may have to file your Stae return in exactly the same way you file your Federal 1040.
2007-02-23 15:04:58 · answer #3 · answered by Devdude 5 · 0⤊ 3⤋