Tax Question

Submitted by Peter on 03/02/2004 at 18:28. ( ) 208.251.100.250

My fiancée and I are both on the title of our house we bought a couple of years ago. We live together but we file taxes separately since we are not married. Here's my question. When we receive tax statement for the mortgage interest that we paid, can we write off that whole amount on both her return and mine or do we have to claim only half of it each as we share all our bills together?

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You better see an accountant.

This response submitted by John C on 03/02/2004 at 19:23. ( ) 66.233.157.155

You may be able to file joint returns, in which case then both get to take advantage of it. IRS frowns on splitting the mortgage interest.


You are already married...

This response submitted by the law on 03/02/2004 at 19:29. ( tired of bull$#it ) 205.188.208.75

you didn't even have to say the vows. you have taken it far enough already. You may as well make it "proper" and tie the knot. you get a better deal as married and filing a joint return. If you split at this point either "spouse" can file for alimony/palimony. Why did you trust her enough to sign a mortgage with her but not enough to marry her? You have no respect for your woman and she should bail out on you ASAP.Be a real man and take responsibility for your actions. You have confused using this poor girl for loving her. You have also confused a 'taxi-dermist" with a tax attorney.


facts

This response submitted by scott on 03/02/2004 at 20:28. ( sschuh@flinthills.com ) 64.39.203.190

If publicly you present yourself as Mr and Mrs,then you are common law married. Also if you live together for a certain amount of time,like 3 years or so.I would claim it one or the other.Whoever has the higher tax,I would have claim it.


I'd bet he wasn't looking for a morals lesson.

This response submitted by George on 03/02/2004 at 21:14. ( georoof@aol.com ) 64.12.116.206

Peter, John gave you the only valid advice. Only one of you can claim the mortgage regardless of how many people are named in the lien.


Stay Single from a tax standpoint

This response submitted by Mike on 03/05/2004 at 14:37. ( ) 66.2.148.128

The sad fact is that married people pay a higher tax rate than single people. If you don't believe me then look it up or ask a tax professional. If you want to pay less taxes, then stay single. The person who has the most reported income should take the interest deduction.


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