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My fiancé and I bought a home in Indiana in November 2022. All of his income is non taxable. Does my name need to go into the mortgage to get tax benefits?

Would my name go onto the mortgage to get the benefits or just the deed?  Do I need my name on it at all?
3 Replies

My fiancé and I bought a home in Indiana in November 2022. All of his income is non taxable. Does my name need to go into the mortgage to get tax benefits?

We do not have enough information to tell you if you would have any tax deduction if your name is on the deed or mortgage.   Many people do not have enough itemized deductions for homeownership to even affect their tax due or refund.

 

HOMEOWNERSHIP DEDUCTIONS

 

It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher.  Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.  

 

Standard Deduction
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. 

 

 

2022 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,950  (65 or older + $1750)

 

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

 

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

 

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

 

Legally Blind + $1750

 

 

 If you contributed to the down payment or if you make payments on the mortgage, you should have your name on the deed and on the mortgage.   Unless your name is on the deed or mortgage, you cannot enter anything on a tax return about the house, even if you determine that it would help you.  And then you can only enter the amount of the interest that you paid since you are not yet married, or the amount of property tax that you alone paid.   

 

 

You mentioned that you purchased the home with your fiance---suggesting that you will be getting married in the future.   If you become legally married then you will be able to file a joint tax return, which affects your standard deduction.

 

And you say your fiance's income is not taxable---but you do not mention the source of his nontaxable income.   It would be helpful for us to know what sort of income he gets.   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

My fiancé and I bought a home in Indiana in November 2022. All of his income is non taxable. Does my name need to go into the mortgage to get tax benefits?

it would also be helpful for us to know who pays the mortgage

Hal_Al
Level 15

My fiancé and I bought a home in Indiana in November 2022. All of his income is non taxable. Does my name need to go into the mortgage to get tax benefits?

The two basic rules, for a tax deduction, are:

1. You must be legally obligated to pay it 

2. You actually make the payment

 

For rule 1, it's enough for you to be on the deed.  That gives you a "beneficial interest" in the mortgage, even if the mortgage isn't in your name.  But, it would be better if the 1098, from the mortgage company, for the interest, was in your name. 

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