jazzrah83
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Yes |
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gobonzzo
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The only person who can claim the mortgage deduction is the one whose name is on the mortgage note. You cannot split the deduction.
According to the IRS: "You may deduct home equity debt interest, as an itemized deduction, if you are legally liable to pay the interest".
If you are not leagally liable to pay the interest you may NOT deduct it. |
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src50
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The only party who can "write off" mortgage interest is the party(ies) who are required to pay it - in other words, the party(ies) whose names are on the loan. If the loan is solely in her name, then your informal arrangement does not entitle you to claim an interest deduction. |
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godged
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Only the person(s) on the mortgage lien can deduct the interest. The lender sends her a statement at the end of the year indicating the amount of interest she paid throught the year. If you aren't on the mortgage, you cannot deduct the interest. |
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Flyer
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Actually, you are not splitting the mortgage payment.
Even though you have no lease agreement, you are paying her rent.
She is legally obligated to pay the mortgage payments and is entitled to the interest deduction.
On the other hand, she is supposed to claim the money that you pay her as rent income and pay taxes on that income.
The end result is that if you try to write off the payments, the IRS probably will find out that your girlfriend is not paying taxes on her rental income and owes the government a tidy sum. |
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blowjarn
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Nope, sorry. Be cooler if you could...for you at least.
If you are tight w/ your GF ask her to give you some cake for her refund (which the form is sent to her for how much she paid in interest & is also sent to the IRS).
Here's a calculation:
She pays X for interest...her tax rate is Y....take X * Y = Z
Then if you pay 50% take 50% of Z.
So here's your sample
She pays 20K interest, her tax rate is 28%.
20K * .28 = 5600
Take 5600/2 that is 2800 for you. |
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Classy Granny
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The person untitled to interest deduction is the person who's name is on the mortgage. You can't split the interest. In your case whoever gets the deduction should give the other half of the deduction. |
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Real Estate Guy
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No, And you have no right to.
You are a renter. Period. Your girlfriend is your landlord. |
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thomas p
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You are going to stick out like a sore thumb. The return will be flagged for audit. Your girlfriend agrees with this setup? The auditors will not be as casual as your girlfriend. |
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Pat
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A Mortgage is deductable only when you
Your DL shows that address , you are on loan as well as on the title. So most like you can not deduct this.
If your GF can already deduct the full interetest why would she split that with you ? A loan ID can not be used on two refunds. If you are together till the tax refund try to split the refund or negotiate your portion.
Does this help ? |
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