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Question

Buying a house

Forum|Forum|2 years ago
October 25, 2023
1 reply
1 view

My partner and I (filing separately) purchased a house this year. My name is on the deed but not on the mortgage. How does this affect my taxes for this year? Do I need to do anything specific when I go to file?

Ask the Experts - Extension - Sept 2023

A

Anonymous

Hi,

If you are filing jointly or separately, you can try to deduct the mortgage interest and real estate taxes as itemized deductions, if the combination of those in addition to property taxes on your vehicle registrations, medical expenses, sales tax paid on purchases of vehicles, exceed the standard deduction.

I would check on the 1098 statement from your mortgage lender, to determine which spouse should claim those, it may be better to just file jointly.

Thank you,

John

CPA