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taxes on a new house

Forum|Forum|3 years ago
November 16, 2022
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my son and i bought a house together this year. How do we divide up the taxes we pay? and what other considerations do we have to think about?

Best answer by leeloo

You only have the right to claim what you actually paid. If you split them, the other person has the right to claim what they paid. There is no way to tell who would benefit more for claiming the amounts unless you both did mock returns with and without the deductions.

leeloo

If you are both on the deed, you have the option of splitting property taxes in half or one of you taking it all. However, the person that claims the taxes actually has to pay them. The same applies to the mortgage. You must be on it to claim it and you must pay the interest as well.

B

Betsy13Author

we are both on the deed and the taxes and insurance is built into the whole thing. so I believe we could split the taxes. But, I'm turning 65 which has given me a reduction on the taxes. so I believe it would be best just for me to put them on mine. Am i correct in this assumption?

leelooAnswer

You only have the right to claim what you actually paid. If you split them, the other person has the right to claim what they paid. There is no way to tell who would benefit more for claiming the amounts unless you both did mock returns with and without the deductions.