Saturday, December 26, 2009

I purchased a house with my boyfriend, how will we do taxes since we are not married.?

We live in California. We are told it will be difficult to do taxes since we are not married. Can't we both file together and get to claim the house payment and taxes. We do have a child together she is 9 years old.I purchased a house with my boyfriend, how will we do taxes since we are not married.?
You look at both your ownership interests and which bills you paid during the year.





If you own half and paid half of the interest and property taxes, then half of those go on your tax return (see the instructions for schedule A to determine how to report the interest).





If either one of you is planning to claim HOH filing status, you need to be able to prove that *you* are the one who paid more than half of the bills.I purchased a house with my boyfriend, how will we do taxes since we are not married.?
No you can't file together since you aren't married.





You can claim any house-related deductions, mortgage and real estate taxes, that you actually paid. If you split the payments 50-50 for example, then you could each deduct half. If one of you pays the entire amount, that person gets the deductions. That assumes you are both on the mortgage and on the title - you can't deduct interest if you aren't on the mortgage, or property tax if you aren't on the title.
its not hard, but if you are not good at filling out tax forms just pay a good tax preparer.





but yes, your not being married makes a few issues that must be taken into account when filing taxes. but nothing over the top difficult.





all you do is go together to fill out your forms, and dont fight about who gets to claim what. the interest on the loan can only be claimed buy the one of you who is on the bank's papers or both of you if you both appear on them but you must divide it.





by dont fight who gets what, i mean you wont be filing as married so you have to split the deductions some how.
Well heck, you bought a house and had a child together why not get married? You will be better off getting married.
Get married.

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