topic My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes? in Deductions & credits

My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes?

salsagal15 — Fri, 05 Mar 2021 21:54:43 GMT

I pay the mortgage from my bank account but he provides me half every month. Can we also split PMI and property taxes?

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but ...

MinhT1 — Fri, 05 Mar 2021 22:21:14 GMT

If your boyfriend is the deed, lives in the house and pays half of the mortgage, of the PMI and property taxes, he can claim his share of the payments on his tax return.

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes?

Hal_Al — Fri, 05 Mar 2021 22:28:47 GMT

You pretty much have a choice. One can claim it all or you can split it. It's usually best if only one claims it, allowing the other to use the standard deduction.

You have to meet the rules, which are:

You are legally obligated to pay it (as part owner he has a "beneficial interest" and meets this requirement)
You actually pay it. Paying from a joint account where you made sufficient deposits to cover the payments will usually meet this standard. However. paying from your own account would be a stronger audit defense.

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but ...

salsagal15 — Sat, 06 Mar 2021 01:52:59 GMT

Thank you ! So essentially he takes my 1098 form and splits it down the middle when answering the deduction questions on turbo tax ? Will he / we be flagged / audited ?

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes?

salsagal15 — Sat, 06 Mar 2021 01:56:31 GMT

I pay the mortgage from my account (auto pay ) but he gives me half every month. Would this allow him to meet the 2nd requirement ?
I guess my major concerns 1. Putting different numbers then what is on my 1098/ him putting 1098 info not in his name and being audited by IRS.

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes?

Hal_Al — Sat, 06 Mar 2021 02:40:15 GMT

Why would you want him to be able to deduct half? The two of you come out ahead if you deduct it all and he uses the standard deduction.

Do the math. Use this tool to do to both returns both ways: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1.

But to answer your question: Would this allow him to meet the 2nd requirement ?

Yes, probably. But, it's iffy.

Re: My boyfriend and I (unmarried) purchased a condo this year. We are both on property deed but I am the only one on the mortgage loan. Can he use my 1098 on his taxes?

salsagal15 — Sat, 06 Mar 2021 02:38:54 GMT

Thank you !