are taxes due after I assumed the mortgage of my ex boyfriend?

[Yuppieswewe]

Asking for a friend:

"10 years ago I bought a house with a mortgage with my (now ex) boyfriend. We used to pay 50% mortgage each every month.

Last year we split up and I assumed the mortgage and I bought him out.

I still live in this house which is my only residence.

What tax implications does this have?

Do I need to pay/deduct anything?

thanks!"

[Vanessa A]

None, there are no tax implications for buying an ex out of a house for the person buying the house. It is treated the same as purchasing a home.  You do not need to pay or deduct anything.  The only difference is, now you can deduct all of the interest if you itemize instead of only half of the interest.