Two people claim the interest on home payment?

[zen555]

Hello,

I purchased a home several years ago with my now EX gf (we were never married) I have the statement from the bank with the interest paid and I am planning on claiming it on my tax returns. What happens if she also claims it? or is that how it is supposed to be handled? I would imagine this is an immediate flag but she is stating that she is going to regardless need some help thanks!

Zen

 

[Zigner]

Hello,

I purchased a home several years ago with my now EX gf (we were never married) I have the statement from the bank with the interest paid and I am planning on claiming it on my tax returns. What happens if she also claims it? or is that how it is supposed to be handled? I would imagine this is an immediate flag but she is stating that she is going to regardless need some help thanks!

Zen

Whose name is on the deed?

 

[zen555]

It's in both of our names...

 

[Zigner]

It's in both of our names...

Who has been paying the mortgage?

 

[zen555]

Its a complicated situation but over the last year ive paid 60% and she has paid 40% of the mortgage

 

[LdiJ]

Its a complicated situation but over the last year ive paid 60% and she has paid 40% of the mortgage

Then you are allowed to claim 60% of the mortgage interest and property taxes, and she is allowed to claim 40% of the mortgage interest and property taxes.

 

[zen555]

That is as i expected... she is saying she is claiming it all though... so if i claim my 60% portion and she claims all of it what is going to happen i almost am willing to just not claim it because i dont want to get in trouble

 

[davew128]

Why do you care what she does or doesn't do? You're entitled to 60% because you paid it. What she does is irrelevant to what you do.

 

[zen555]

well if i claim 60% and she claims 100% im worried that i could get in trouble.. that is why im asking and concerned about what she does...

 

[Some Random Guy]

You will clam 60% and if she claims 100% then the government will audit you on that portion of the return. You show them the records showing you paid 60% of the mortgage and interest. They say OK and leave. This is where your involvement ends.

Then they audit her and find that she only paid 40%. They then assess her penalties and interest for claiming more than she paid.

 

[LdiJ]

well if i claim 60% and she claims 100% im worried that i could get in trouble.. that is why im asking and concerned about what she does...

One thing that you need to take into consideration, is that if you are claiming only 60% its possible that the issue could be somewhat moot for you.

You won't be claiming the interest and property taxes at all unless you are better off itemizing than taking the standard deduction, and 60% of your mortgage interest and property taxes may not be enough for you to itemize.

You would still be able to get the new, additional standard deduction for property taxes (up to 500.00 if single, 1000.00 if married) but that doesn't have a huge impact on your taxes, so its not a huge risk.

However what SomeRandomGuy said is correct. You aren't the one at risk anyway, she is.