My name is on the loan but my fiance is also added to title.he used his IRA for downpayment and closing costs. Can he file house next tax season,or after get marriage ?

yays2014 · ‎June 1, 2019

Me and fiance were looking to buy a home.it made sence only using me on loan due to my credit score. He has the better income though, and used his IRA funds for downpayment and closing costs. He is added to title but only i am on the loan. He will be helping me pay for the home. Can he claim the home also come tax season ? Or can he ever ? Must we be married ? I want his contribution to be noticed.

PhyllisG · ‎June 1, 2019

Generally, the person whose name is on the loan, is the one who claims the Form 1040 Schedule A housing deductions. However, if a person meets the following requirements, they can claim the home deduction:

the loan must be secured by the main home or a second home
the person must have ownership interest in the property
the person must be personally liable for the loan to claim the interest, or
the person must be legally liable for the loan. This means that as long as your finance is an owner of the property, he can take the home deduction even if his name is not on the loan

If you are married then your spouse will automatically be entitled to the home deductions.

My name is on the loan but my fiance is also added to title.he used his IRA for downpayment and closing costs. Can he file house next tax season,or after get marriage ?

Retirement tax questions