Question

How to answer refinance question when my boyfriend just added me to the mortgage and the title to the home.

Forum|Forum|5 years ago
January 24, 2021
1 reply
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Hello!

I am trying to answer the question below while processing my tax return.

When I moved in with my boyfriend earlier this year, he had refinanced the home through the same mortgage company and added me to the loan, and the title to the home. Although he refinanced his home, I didn't. Shall I click no. 2 in my case?

Turbo Tax Question: Is this loan a home equity line of credit or a loan you've ever refinanced?
We need to know a little about the history of this loan to see how much interest you can deduct this year. Learn more

1. Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).

2. No, this is the original loan I used to buy or build my home.

Thank you!

DaveF1006

it depends. Are you claiming 1/2 of the mortgage interest property taxes as itemized deductions. If so, you would report that this is a loan that has been refinanced by a Home Equity Line of Credit. If the money is used to spend on the home, your mortgage interest for the HELOC is deductible. Turbo Tax will address this as you answer the questions regarding the HELOC.

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A

alextargetnAuthor

Thank you for your reply!

No. I am not claiming any of the amounts from the form.

I still included the form in my return since the form also shows my name. However, I entered "0" for the sections that says what I paid from my end. I am not itemizing the deduction but using the standard deduction.

Do you think its good to respond to the question as I didn't refi?

Sincerely,

Critter-3

If you are not itemizing they you should NOT enter anything about the home on your return ... delete the entries you made to remove the error messages you will have.