Taxes on Mortgage Payments

ar4246 — Wed, 16 Nov 2022 19:11:24 GMT

Hello- My partner and I (not married) purchased a condo one year ago. Ultimately, we plan to split the cost, but she was laid off during the pandemic, so for now I have been making the mortgage payments and she has been paying the monthly HOA fee (since it is less). Since all of the mortgage payments have been coming out of my bank account, should I indicate in my taxes that I've been paying the full amount (meaning she wouldn't get any tax benefits)? Or should we both be indicating paying half in our taxes (so that we both benefit, knowing she'll be paying me back)?

Re: Taxes on Mortgage Payments

John-H2021 — Wed, 16 Nov 2022 19:20:24 GMT

Hello,

First thing you need to consider is if itemizing is going to be beneficial to you.

The standard deduction for 2022 filing single is $12,950

In order to be beneficial your itemized deductions would need to exceed that amount.

If you split the interest and taxes it may not be enough for either of you to itemize

Itemized deductions include a range of expenses that are only deductible when you choose to itemize. Common expenses include:

Mortgage interest you pay on up to two homes
Your state and local income or sales taxes
Property taxes
Medical and dental expenses that exceed 7.5% of your adjusted gross income
Charitable donations

The limit on state and local income taxes,sales tax and property tax is $10,000 deduction.

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Taxes on Mortgage Payments

Re: Taxes on Mortgage Payments