How do I claim all the mortgage interest if there are two names on the property/mortgage?

Forum|Forum|4 years ago
March 21, 2022
2 replies
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me and my girlfriend bought a house together on January 8th 2021 and both of our names are on the deed as well as the mortgage. We are not married yet and we are going to file our taxes separately as single. We paid over $12000 in mortgage interest in 2021 and I wish to itemize and claim all the mortgage interest on my return and meanwhile she still uses the standard deduction. I am wondering if this is do-able and is there anything extra we have to prepare for or do? Thanks.

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MinhT1

If you paid the mortgage then you can claim it on your tax return.

Your girlfriend can use the standard deduction on hers.

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tan_zhifAuthor

I want to understand how to define who pays for the mortgage? In our situation, the bank account that I used to pay the monthly mortgage is also co-owned by two of us.

Vanessa A

Using a joint account does muddy the water a bit. If you jointly own the bank account, you jointly own the money in the bank account. If she does not work and put money in the bank and you do, then you would be able to say that you are paying the entire bill.

If you both make the same and deposit the same, then you would technically need to claim that you split the interest since you are both equally depositing into the account. The best way to decide how much is to compare incomes and allocate the percentage of mortgage interest based on income deposited into the account.

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