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My finacee and I bought a home together but are filing as singles. How should we enter the 1098 form so we each collect?
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My finacee and I bought a home together but are filing as singles. How should we enter the 1098 form so we each collect?
You and your fiancee will get the biggest combined tax benefit if one of you itemizes and claims the full amount of the Form 1098 and the other takes the Standard Deduction. However, you may choose to split it any way you want.
If one of you claims the full amounts instead of splitting it, you will have a higher combined deduction amount between the two of you. This is because the person not claiming the Form 1098 can still take the full Single Standard Deduction which is $6,350.
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My finacee and I bought a home together but are filing as singles. How should we enter the 1098 form so we each collect?
You and your fiancee will get the biggest combined tax benefit if one of you itemizes and claims the full amount of the Form 1098 and the other takes the Standard Deduction. However, you may choose to split it any way you want.
If one of you claims the full amounts instead of splitting it, you will have a higher combined deduction amount between the two of you. This is because the person not claiming the Form 1098 can still take the full Single Standard Deduction which is $6,350.
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