new home owner

[adondria42]

My fiance bought a house last January. The paperwork says I'm the owner and he is the cosigner. He makes all the house payments and the bills. He is head of house and claims one of our 3kids. Who should be the one to have the house on their taxes?

[PaulaM]

If you are both equally responsible for the debt, but he paid the mortgage, then he would put the deduction on his taxes. However, the tax laws have changed considerably so many taxpayers are no longer able to itemize their deductions because the standard deduction amount has increased significantly.

New Standard Deduction Rates:

Single - $12,000

Head of Household - $18,000

Married filing Joint - $24,000

So mortgage interest and property taxes, and other itemized expenses must be greater than those amounts to itemize. You can see a some key components of the tax changes in the link below.

Key Tax Reform Changes for 2018