Posted on: 10th Oct, 2009 08:05 am
Hi,
I am looking into buying a house, however my spouse has no credit history, so the mortgage broker is suggesting not adding her as a co-borrower. In such a scenario, will I still be able to file taxes as married filing jointly and claim any tax credits/deductions?
Thank you for your responses.
I am looking into buying a house, however my spouse has no credit history, so the mortgage broker is suggesting not adding her as a co-borrower. In such a scenario, will I still be able to file taxes as married filing jointly and claim any tax credits/deductions?
Thank you for your responses.
Yes you can file your taxes together and calim tax dedcutions
To Guest,
You will be able to claim tax credits/deductions if you are making the mortgage payments. It is not necessary for your wife to be on the loan with you. You can claim the deductions on your taxes, whether you file it separately or jointly with your wife. However, if she ever plans to file the taxes separately, she will not be able to claim these deductions.
You will be able to claim tax credits/deductions if you are making the mortgage payments. It is not necessary for your wife to be on the loan with you. You can claim the deductions on your taxes, whether you file it separately or jointly with your wife. However, if she ever plans to file the taxes separately, she will not be able to claim these deductions.
indeed, ownership in your name has no impact on the tax situation if you're filing a joint return.
One more point to consider, if you do plan to file seperately then your spouse will not be able to deduct the interest