My fiancé and I are both on title. But only he is on the mortgage. Since we bought the investment property he has been claiming (2021) and this year he made too much so the losses on it phase out. Can I claim the property this year instead of him? Are there any implications when we go and sell re:depreciation etc?

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

cgiraldo94

Question

Both on title , only one on mortgage, can either claim?

Forum|Forum|1 year ago
January 28, 2025
1 reply
0 views

My fiancé and I are both on title. But only he is on the mortgage. Since we bought the investment property he has been claiming (2021) and this year he made too much so the losses on it phase out. Can I claim the property this year instead of him? Are there any implications when we go and sell re:depreciation etc?

ThomasM125

Since you are a part owner of the property, you are by default obligated to pay the mortgage, so you would be able to deduct your share of the property taxes and mortgage interest. It would be helpful if you actually paid the mortgage, but if you co-mingle funds you may be able to argue that you did that, especially if paid from a joint bank account.

There wouldn't be any depreciation to deal with when you sell the property unless you rented it out. Who paid the mortgage or deducted it on their tax returns would not affect the ownership of the property, so it would not matter when it comes to reporting the sale of the house.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

cgiraldo94Author

Thanks for the reply! The property was rented out so I would need a schedule E for rental income, HOA, expenses, depreciation, etc.

Since 2021 he reported it on schedule E and has depreciated it, too. Would this change anything? I would like to claim the entire rental income and all expenses associated since I made less to benefit from the losses (increased HOA).

RobertB4444

Since you jointly own the property the correct way to report the income and expenses on schedule E is to evenly divide the property between both of your tax returns. Each of you would report 50% of the income and expenses on your individual returns. That would include depreciation and HOA fees.

@cgiraldo94

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"