Bought a House in Late 2024, First Mortgage Payment in 2025

[Nicole101]

My fiancee and I purchased a home in late November of 2024. Our first mortgage payment wasn't paid until January 1st, so nothing was paid in 2024. How do I handle this on our tax returns?

Additionally, we are both on the house, but I am the only one on the mortgage. How do I handle this on our tax returns?

[xmasbaby0]

Unless you prepaid any interest or property tax in 2024, there is nothing to enter about the house on your 2024 tax return.   The "purchase " of a house is not entered---only mortgage interest, property tax paid, or loan origination points.

So----next year when you prepare a return for tax year 2025, you will deal with this.  Post back then----will you be married by then?  

[Nicole101]

Yes. Getting married in October 2025

[xmasbaby0]

@Nicole101 Best Wishes!   When you prepare your 2025 return next year, you can enter the home owner amounts on your 2025 return.  You will want to file a joint return for 2025.   We can help you with that next year.

[Nicole101]

Thank you!