Hello!
I share a coop apt with my domestic partner and we file our taxes separately. The 1098 Statement that our building property management company sends us includes both our names. We have had the apt for 4 years.
I have 2 questions:
Thank you!
Best Rgds
KN
When you do your taxes there are two ways to deduct expenses you pay. The standard deduction and itemized deductions.
The standard deduction is already in there. It is designed to say "We know you spent money on stuff that we shouldn't tax and here's how much we think you spent". The standard deduction for a single person is set at $14,600 this year. That's the credit you get automatically for stuff the government shouldn't tax.
Some people spend more than that, though. They itemize deductions. So the government says "Cool! Add up all of your medical expenses (or most of them), property and state taxes, mortgage interest and charitable donations. If you have more than $14,600 we'll give you a bigger credit."
Cutting your mortgage interest and property taxes in half almost certainly knocks you and your partner under $14,600. You might not be over that even if only one of you takes it. But that's why you're not seeing a tax benefit.
Hi Robert!
Many thanks for your response. 🙂
Are we allowed to have one person enter the full amount and possibly receive the benefit?
Best Regards,
KN