Me and my fiancee are planning to buy a home and take a mortgage of $1.6 million. If we remain unmarried then can each of us take the $750,000 mortgage deduction (i.e. 1.5 million total) on our returns and file as single?
If yes then is there a particular way we would need to set up the house purchase and the mortgage?
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You can each only claim the amount of mortgage interest and property taxes that you paid yourself.
Please see a local financial advisor for advice re titling, etc.
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