My fiance helps me pay my mortgage how do i clain that money on my tax return?

Question

MY FIANCE LIVES WITH ME AND PAYS HALF MY MORTGAGE WICH IS IN MY NAME ONLY DO I CLAIM HER MONEY SHE GIVES TO ME AS RENT OR CAN I JUST CLAIM HER AS OTHER INCOME AND WHERE WOULD I CLAIM THAT ON THE RETURN THANKS

Answer 1

To be on the up & up you should claim her payments as rental income.  You can then claim the full amount of your mortgage interest as a deduction on Schedule A.

Answer 2

You can only deduct interest and taxes that you are legally required to pay and you actually pay.  But if she gives you the money and you pay it, without specifying that the money she gives you is for the mortgage, you should be OK.

The money she gives you would be considered sharing expenses, not rent, so you don't have to claim it.

Answer 3

Does he send the money directly to the mortgage company?  If so, you cannot take a tax deduction for that part of the payment.

If he gives you money and you then pay your mortgage, you can take the tax deductions for interest and real estate taxes on your tax return.

Your fiance is not your tenant.  He is sharing living expenses with you and that is not income that you report on your tax return.

Answer 4

The money she gives you is not rent if you do not have that legal agreement. The money she gives you is a gift and if it is over 12,000 dollars she may have to file gift taxes on it. You can claim the mortgage interest you paid and what she paid also, because she gave it as a gift. When you get married it will be easier because you both share the benefit of the property. You claim the interest on the Schedule A.

Answer 5

Why does the check from your finance have to be in the mortgage payment?  It really is your debt.  I think his contribution could be classified as "room and board."  It feels like a complicated arrangement.  The fiance should be named on the deed and pay his half of the down payment and closing costs.  They you people are handling the check as "earmarked for mortgage" does not make sense to me.  I would talk with my bank. Alone!

Answer 6

She can "gift" you up to $12,000 per year without any issues.  That is the limit before she would need to file a gift tax form, or figure out other angles like rent, expenses, and depreciation.

She cannot really claim any interest deduction since she is not responsible for the loan.

Answer 7

You can not claim HER money on YOUR tax return.  Stop and think about that.  It sounds like U both need an accountant or tax attorney... If not then call your city or state Attorneys office for free help..