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What is the best way for my partner and I claim our house for

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income tax purposes if we...
What is the best way for my partner and I claim our house for income tax purposes if we are unmarried and own our home?
Submitted: 8 years ago.Category: Tax
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3/1/2009
Tax Professional: Anne, Master Tax Preparer replied 8 years ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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HICustomer/p>

 

Thank you for using justanswer. If both you and your boyfriend's name are on the loan, then you may only claim your portion (50%) on your tax return. You boyfriend will be able to claim his 50% on his tax return. This is true even if only 1 person is able to itemize their deductions on <table border="0" cellspacing="0" cellpadding="1">

2008 Form 1040 (Schedules A) Itemized Deduction

 

Please see page 8 from below:

 

2008 Publication 936 Home Mortgage Interest Deduction

I hope this helps

Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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