Who pays the mortgage and the taxes? If you split the mortgage and the taxes 50/50, then each person would only be able to claim half of the interest and taxes. If one person pays it all, then that person would claim all the interest and taxes if they are taking the itemized deductions instead of the standard deduction.
It is OK that the second owner is not listed with their SSN, as long as they own and pay, they can still claim what they pay. When you get to the mortgage interest section, you will be asked "Do any of these situations apply" select that their name is not on the 1098 or not listed first on the 1098. Then it will ask for the 1st persons name and address. Then continue through to enter the rest of the information.
Itemized expenses include mortgage interest, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your interest and taxes paid.
The 2023 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
Standard versus Itemized Deduction
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
