HOW DOES AN UNMARRIED COUPLE WHO HAS PURCHASED A HOME FILE THEIR INCOME TAX RETURN, ONE PARTNER HAS A 17 YEAR?

2whomit4me
Other/Just Looking
Emeryville, CA

OLD WHO WILL BE ATTENDING COLLEGE, THE OTHER HAS NO CHILDREN

Answers (1)
Grace H. Morioka
Agent
Cupertino, CA
FIRST ANSWER

Hello 2whom and thanks for your question.

Depending on how you purchased your home with your significant other--tenants in common or joint tenants--each side is entitled to a proportionate share of the interest and property tax deductions on the home. The form of ownership, however, will determine how that much each partner is entitled to deduct.

Beyond this little bit of advice, however, your question is best asked of a CPA or tax professional rather than a real estate agent or real estate professional. We are not licensed in providing tax assistance--only real estate help. The IRS provides a lot of useful information at their website at http://www.irs.gov. You may also use the IRS "help" line at 800-829-1040 to receive advice from live IRS technicians every week day from 7 a.m. to 10 p.m. local time.

Good luck and thanks again for your question!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Tel 408-426-1616

Mon May 4 2009, 18:55

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