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New House Tax Question?
My wife (fiancée at the time) bought a house together last year. I already owned a condo prior to buying the house (bringing my total number of houses up to 2 in 2020). I so far have only paid the down payment on the house and she has paid all the mortgage payments thus far. Do I need to include anything for that down payment on my taxes this year or should I let her claim it all?
- ?Lv 72 months ago
Down payment isn't something you can claim on taxes anyway. You guys should probably be filing jointly.
- EvaLv 72 months ago
Only the interest on the mortgage and property taxes are deductible. Your down payment does not go on a tax return. If you married last year, you're filing a joint return anyway so it's a moot point. If you were not married last year, she claims all the interest though with the higher standard deduction it may not make any difference.
- 2 months ago
Down payments are never taxable. If your wife sold investments to fund the down payment, she may have capital gains tax to pay.