Taxes Filter: Unmarried couple homeowner tax return?
March 31, 2012 1:46 AM Subscribe
You are not my accountant, or my tax professional. I am just looking for a little help on how to proceed on our tax returns since purchasing a house.
posted by santaliqueur to work & money (6 answers total) 1 user marked this as a favorite
We are an unmarried couple who purchased a house last year (In Massachusetts), and we are in the process of filing our tax returns. We purchased the house equally, and share all expenses equally. The house is a multifamily property and we rent out 2 units and live in the other unit. We split the rental income. We both have other full-time jobs, if it matters.
How should we proceed? Should one of us include the house on our tax return, and the other one ignore it? Should we split all figures down the middle? When we receive the mortgage interest statement from the lender, would we divide the figure in two and each use that figure on our tax return?
We have always completed our own tax returns, so hopefully we will be able to continue doing this. Is it as simple as dividing all the figures evenly, or should we consult a professional? Thank you very much.