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What can I claim on taxes with a new house?

Posted on: 14th Nov, 2006 11:33 am
Hi,
My boyfriend and I bought a house in April 2006. We are both on the mortgage but unmarried and will file taxes seperately. How does this work for 2006 taxes? Do we have to split everything equally or can one person claim all.

Thanks
Hi,
" Do we have to split everything equally or can one person claim all. "
As the mortgage is for the purchase of the house the mortgage interest will be deductible and you will have to split.

If you pay $600 or more of mortgage interest (including certain points) during the year on the mortgage, you generally will receive a Form 1098, Mortgage Interest Statement, or a similar statement from the mortgage holder.

It will show the interest which is paid for the year, you will have to attach a statement to your return explaining this. Show how much of the interest each of you paid and deduct only your share of the interest on Schedule A(Form 1040).
Posted on: 14th Nov, 2006 12:41 pm
Hi Guest,

Your filing status will be single if you remain unmarried on the last day of the year 2006 and do not qualify for any other filing status. So, each of you can contribute some amount towards the tax payments. Regarding the deduction for mortgage interest, both of you may qualify for it as both of your names are on the loan. But you need to satisfy certain criteria to get this benefit.

If you are interested to know more about Mortgage Interest Deduction , visit our section on this topic.

Thanks,

Sara
Posted on: 14th Nov, 2006 07:59 pm
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