topic If my boyfriend and I both bought a house together do we both claim it on our taxes or just one of us? in Deductions & credits

If my boyfriend and I both bought a house together do we both claim it on our taxes or just one of us?

denisecvt — Thu, 06 Jun 2019 05:30:17 GMT

If you are both responsible for the mortgage, you and you...

LindaA — Thu, 06 Jun 2019 05:30:19 GMT

If you are both responsible for the mortgage, you and your boyfriend can each claim your share of the mortgage interest and mortgage insurance premiums on your individual tax returns. When you enter the mortgage interest reported on the Form 1098 in TurboTax, both you and your boyfriend will need to check I co-own this loan with someone and only pay a portion of it. (Click the first screenshot below to enlarge it for reference.)

For the person who received the 1098, check My Social Security Number is on the 1098 and click Continue. Follow the onscreen instructions. Be sure to enter only this person's portion of the mortgage interest, outstanding mortgage principal, and mortgage insurance premiums, and check The interest amount I entered is different than what's on my 1098. (Click the second screenshot below for reference.) Click Continue and answer all of the questions in this section of the tax interview.

When you enter the mortgage information for the other person, check My Social Security Number is not on the 1098, but I am liable for the loan and click Continue. You'll be prompted to Tell us about the other person who helps pay the loan. (Click the third screenshot below for reference.) Enter the other person's full name and address, click Continue, and proceed through this section of the tax interview. Again, be sure to enter only this person's portion of the mortgage interest, outstanding mortgage principal, and mortgage insurance premiums.

The FAQ below provides instructions for accessing the 1098 mortgage interest statement section of TurboTax.

Where do I enter my 1098 mortgage interest statement? https://ttlc.intuit.com/replies/4793767

Re: If you are both responsible for the mortgage, you and you...

deadhunter22 — Sat, 18 Mar 2023 22:06:20 GMT

Where would you put the closing costs in this case?

Re: If my boyfriend and I both bought a house together do we both claim it on our taxes or just o...

LindaS5247 — Sun, 19 Mar 2023 02:05:32 GMT

To deduct your mortgage closing costs in TurboTax, go to the Deductions & Credits section of your federal return and select Start next to Mortgage Interest and Refinancing (Form 1098). If you have multiple 1098 forms due to refinancing, ensure they’re first entered correctly.

You would have to each claim your share of the costs.

These deductible costs generally include:

Real estate taxes paid at closing
Mortgage interest paid when the cost was settled
Interest paid at the house’s purchase
Loan origination fees, known as “points”

Click here for additional information on deducting mortgage closing costs.