How, if it all, does home ownership impact your income tax/filing?
My long time beau and I are purchasing a home, we close in a few weeks.
We file separately, I claim the kiddos, never married (we're not getting married, no time soon anyway. We're both pushing 40 and like what we have - so no, we're not kids biting off more than we chew in buying a home) Just wanted to clarify that. I see a lot of posts on here in regards to "unmarried" couples buying homes.. yikes, some replies are pretty brutal...
So... how if it all will our taxes change?
Best Answer
Since you are unmarried, either one of you can itemize.
However, if, say, you do not itemize, that does NOT mean your "long time beau" can claim all of the mortgage interest and property taxes. The individual who wants to claim the deduction must both PAY an OWE the money. if you buy the house 50/50, then the most one of you could claim is half. Also, if you split everything 50/50, neither one of you can qualify for HOH.
