Bought a house

[Katyjw6]

In November 2019, my boyfriend and I bought a house together. His name is on the loan for the mortgage, but both of our names are on the title. How do we claim this on our taxes? 

[CatinaT1 · Accepted solution]

When you are a homeowner, you can deduct your mortgage interest, real estate taxes and mortgage insurance premiums.

To do this you must itemize your deductions.  Since you purchased your home so late in the year, I suspect you will not have enough for your itemized deductions to be greater than your standard deduction.

As far as who can claim the interest, taxes and insurance premiums, you have to be legally liable for the loan.  If you are not on the mortgage, you are not legally obligated financially, so he would claim.

When you enter all your information into TurboTax, it will calculate the best deduction for you to use - either the standard deduction or itemized deduction.

You may benefit from itemizing your deductions on Schedule A if you:

• Do not qualify for the standard deduction, or the amount you can claim is limited,
• Had large out of pocket medical and dental expenses during the year,
• Paid interest and taxes on your home,
• Made large contributions to qualified charities, or
• Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled.