My boyfriend and I own the condo together and split all payments 50-50, including property taxes. We are aboutt o do taxes and i wonder if one of us can claim the entire interest deduction or do we need to split it 50-50 just like we do with payments? If my boyftriend claimed everything, we'd get more $$ back.
2007-03-21 09:50:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
One person can claim the deduction. If you claim it, he can't, if does you can't.
2007-03-21 09:54:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A gray area. Could it be argued that you pay for other expenses such as food and utilities, and boyfriend pays the mortgage and taxes? Or did you, individually, write checks for the mortgage?
If you can establish that boyfriend contributed money for the household equal to the mortgage and taxes, then go ahead and have boyfriend claim the mortgage and taxes. He owns the property, has debt secured by the property, and can establish payment of the mortgage and property taxes.
2007-03-21 11:32:27 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
If the common borrower shouldn't declare the interest, the co-borrower might gain this. even although, in case you ever get audited, you could nicely be asked to teach that it became you and not the common that certainly paid the interest. inspite of each and every thing, the reason at the back of the tax harm is to help homestead shoppers. you could not declare a deduction for something you probably did not do. ;)
2016-11-27 20:19:44 · answer #3 · answered by ? 4 · 0⤊ 0⤋
If both of you are on the mortgage you can split it any way you want. If only one of you is on the mortgage, only that person can take the interest expense deduction.
2007-03-21 10:48:02 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
So let him claim it...I am a tax preparer for jackson-hewitt tax services and i recommend your bf claiming all interest on said property so as to maximize your refund. He can even claim real estate taxes if you so desire...just write a letter and your good to go! Happy taxing!
2007-03-21 09:55:57 · answer #5 · answered by globalystic1 3 · 0⤊ 0⤋
its more of a tax preparer question but any attempts at head of household filing will open you two up for a audit. I would split 50-50 but again ask a tax preparer that question before doing anythign else.
2007-03-21 09:54:32 · answer #6 · answered by Anonymous · 0⤊ 1⤋