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| *Ostroff, Fair and Company>>>United States Taxes |
Tax deduction for mortgage interest? |
My fiance and I bought a house together in August. We were planning to each declare half of the mortgage interest and property tax but calculated that we would get a bigger tax refund if I declare all of it this year. This is because while I already owned a home before buying this one, she didn't, and so in her case, four months worth of deductions for the interest and tax are barely more than the standard deduction. My question is - would it be illegal for me to declare all the interest this year? It should be totally legal for you to declare the interest on your mortgage, as long as it is paid in your name and you are obligated to pay it. I assume your name is on the 1099-INT form your mortgage company sent you? But I will say this will all honesty. You should talk to a tax professional and contact the IRS to make sure you are reporting your deductions correctly. You may be held liable for mistakes. I would not recommend taking advice from anyone else. If you are the owner of the house and are liable for the debt, then you may claim the mortgage interest. That would be legal since you're legally liable for the loan. In order to claim the mortgage interest (and real estate tax) deductions you must have been legally obligated to pay it, and you must have actually paid it. If you are both on the mortgage and deed, you are legally obligated, but did you actually pay all of it yourself? In response to r_kav: The mortgage payment comes out of a joint bank account. We both contribute to that account, though I kick in a little more. |
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