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briitajkallunki

Level 1

Solved

Me and my boyfriend bought a house dec 15 2017 and we don’t make a payment until 2018 and we file separately how do we file the house stuff

Forum|Forum|7 years ago
June 6, 2019
1 reply
1 view

No text available

TurboTax Deluxe Online

Best answer by

If you both have your name on the mortgage and you are both 50/50 owners then you can divide the expenses that are deductible from your closing equally.

Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness

You will probably not get 1098 this year for 2017.

Items on settlement statement that may be deductible:

· interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).

· real estate taxes charged to you.

· points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home,

Edited 2/5/18

A

Anonymous

Answer

If you both have your name on the mortgage and you are both 50/50 owners then you can divide the expenses that are deductible from your closing equally.

Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness

You will probably not get 1098 this year for 2017.

Items on settlement statement that may be deductible:

· interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).

· real estate taxes charged to you.

· points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home,

Edited 2/5/18

A

Anonymous

@briitajkallunki
see edited answer.