Purchased a home

[echanizl]

• Hello , me and my partner purchased a home in 2023, i am wondering what are all the deductions we would be eligible for this purchase ? At this point in time we are also not married for tax purposes. 

[AR_CPA2]

Hello echanizl,

 Congratulations on the purchase of your home!

You would be able to deduct the mortgage interest and property taxes.  If you paid any Points on the mortgage, that would be deductible also.   You get the tax benefit only if your Itemized deductions are more than the Standard Deduction. 

If you're not married and you are both on the mortgage, you may allocate the deductions between the two of you in any way you like. 

[echanizl]

Is there a certain time of year someone should need to be married to file thier taxes for the following year as married ? Like if someone was to get married in December would they file as married in the following year or still single since they were single for tax purpose 11 out of the 12 months of the year ?

[xmasbaby0]

@echanizl  Your filing status---single or married is determined as of the last day of the tax year.  So even if you have a wedding on New Year's Eve, when you file your tax return, you are married for that whole year.   Being "single" for part of the year before getting married is irrelevant.

[AR_CPA2]

Hello echanizl,

As long as you are married on the last day of the Tax Year, December 31st, you are considered to be married for the whole year for the Tax purposes.