Mortgage Interest Deduction

[mterri]

What is the name of your state? California

My boyfriend and I bought a home together 2 years ago. The loan is in his name and I put down 50% of the downpayment and make 1/2 of all the principle and interest. For the last two years, I had no income, so I did not have to file income taxes. Consequently, he took all the deductions. This year is a different story. I have to file this year and want to take my interest deduction. Boyfriend suddenly says I cannot do so, because I do not have the mortgage interest statement from the bank...he does and it is in his name. My questions is this: What paperwork or form can I get him to submit with his taxes to reflect that one-half of the mortgage interest was paid by another taxpayer? I'm sure this is done all the time. How do seller financed properties reflect interest payments?

 

[Kansas4me]

They don't. the person who has their name on the form from the bank gets to take the deduction. If he doesn't want to allow you to take 1/2 of it he doesn't have to. Even if he wanted it, I have not heard of any legal way for this to happen.

 

[Snipes5]

He can give you the deduction if he wants to. Search the forum, this was discussed here recently.

If he's going to be like that, I think I would move out and have your attorney write him a nice note that you want him to buy you out, otherwise go to court and force a sale.

Snipes

 

[mterri]

Thanks for the response. I spoke with a tax accountant and there is, by God, a way for me to deduct the mortgage interest that I paid. Boyfriend issues me a 1098 and submits a 1096 to IRS. Or, there is a line on Schedule A for mortgage interest paid without submitting a 1098. So, one out of two responses was correct.

 

[Kansas4me]

Check again, I said if he doesn't want to allow you, he would have to be willing to fill out those forms. You made it sound like he wasn't willing to allow you to deduct it.