CO-OWNING A HOME
thank you. we're both on the 1098 and split it all up the middle. We'll each file our own taxes and split what turbotax asks for in half. any other fine points to consider?
"The 1098 has multiple names and multiple people are paying the mortgage/interest: Each can deduct their portion of interest paid. When entering the 1098 only enter the amount that you actually paid, not the full amount."
There are factors such as how you have your bills set up, who pays what. Please see another post of mine full of IRS information to help you.
In addition, by splitting the mortgage, it may be neither of you will qualify to itemize but instead end up with the standard deduction. See How does the Standard Deduction differ from itemizing deductions?
So in a perfect world, only one of us would have paid for everything and that would have maximized the deductions?
also you mentioned "Please see another post of mine full of IRS information to help you."...will you link this page?
Thank you.
Perhaps one of you is paying for the house while the other pays groceries and lights. Sorry, I linked it several times and it just was refusing to link, I thought I had it. Please see this post.