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Unread 2015-12-17, 11:42 AM   #1
BuddyLee
 
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Default Tax Question - 2 unmarried parties and mortgage interest

Quick tax question if anyone knows the answer.

I currently own a home with my GF. We are unmarried. The home is in both of our names. The mortgage is in both of our names.

For deduction purposes, can we simply take the amount of interest paid and each apply a portion of that (with the two portions adding up to 100%) to our mortgage interest deduction on our income taxes? Or does one of us have to claim all of that interest paid. Not having a lot of luck on Google.
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Unread 2015-12-17, 03:40 PM   #2
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Hell, I would assume that only one could take it (and if that is the case, throw it on the higher earners), but that is just a guess and what I pay a my accountant for.

You should just solve the problem, get hitched in the next 2 weeks, and get the tax benefits from that as well. Problem solved.
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Unread 2015-12-17, 03:41 PM   #3
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/\ Sorry for the worthless post.
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Unread 2015-12-17, 04:40 PM   #4
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If both your names are on the form, I would think you both would get it.

Although.. I bet it would help one of you more to take the whole thing than it would to split it.
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Unread 2015-12-21, 01:03 PM   #5
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You can split it as long as both names are on the mortgage.

The better option is usually to let one person take it and the other person use the standard deduction.
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Unread 2015-12-21, 05:40 PM   #6
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STOP LIVING IN SIN, ASSHOLE!
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Unread 2015-12-21, 05:44 PM   #7
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STOP LIVING IN SIN, ASSHOLE!
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Unread 2015-12-22, 08:55 AM   #8
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STOP LIVING IN SIN, ASSHOLE!
I need to remind her about the sin part. I need some extra sin this week.
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Unread 2015-12-22, 08:29 PM   #9
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Me and my fiance are in the same boat. I put in on my taxes last year as I am the higher earner of the household and would benefit from it more.
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