Mortgage interest 1098 form with 2 names on it- 2 people have purchased a house together in 2015 and both names are on the mortgage who can claim the interest

[AnnaB]

The person who actually paid the mortgage would be the one who claims the mortgage interest as long as they are a legal owner on the property.  If you shared the expense, you should allocate the interest (for example, 50% to each of you).

[s_hoban83]

can one of us just claim it all?? since the payments come out of our combined checking account???

[AnnaB]

If you have a combined checking account, you could consider the amounts to be paid by either of you.  Then you could allocate the entire amount to one return.

[s_hoban83]

also my fiance's name is listed first on the 1098 form does that make a difference as to who claims it?? we are both on the 1098 he is just first

[AnnaB]

As long as you are both legal owners, either of you can claim it if you paid from a joint checking account.  Only one of you can claim the interest or your allocation cannot exceed the total paid for the year.

It does not matter who is listed first on the Form 1098.

Property taxes paid from escrow would be handled the same way.

[s_hoban83]

we a first time home buyers so is the 1098 the only form we should receive regarding our home or will i get a form for the property taxes???

[AnnaB]

The total amount of property taxes paid through escrow should have been included with your Form 1098.  It may be included as supplemental information, but is often listed right on the form or below it.

If not, I would contact your mortgage company to confirm the amount paid.

You can also pull your property tax records for 2015.

[s_hoban83]

box 4 has mortgage insurance premiums is that the property tax??

[AnnaB]

No, but those are also deductible.  If another page came with your Form 1098, it may have information about taxes paid.  There should be a statement with that form somewhere that says "Total amount of taxes paid" or "Real estate taxes".

You can also contact your mortgage company.

[AnnaB]

Depending when you closed on the home, you may not have paid property taxes yet if they haven't become due.

[s_hoban83]

will turbo tax ask me about the mortgage insurance premiums or should would you reccommend i go to a tax professional and have them done??

[AnnaB]

TurboTax has a section for the Mortgage Insurance Premiums under the Your Home category of Deductions & Credits.

[s_hoban83]

I will have to call mortgage company about property taxes

[s_hoban83]

closed middle of last year but i will call the mortgage company thanks for all of your help it is greatly appreciated