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Updated almost 6 years ago on . Most recent reply

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Steve Roos
  • Denver, CO
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First home and Taxes with "signifigant other"

Steve Roos
  • Denver, CO
Posted

Good evening BiggerPockets friends!

I started RE classes in December 2017 with my girlfriend. I joined BiggerPockets shortly thereafter and started researching and learning as much as I could. We started searching the Denver area in Feb 2018 and FINALLY landed a deal in Sep 2018. So, we just received our taxes in the mail and I am uncertain about how to go about them. I talked with my father about the complexities of doing taxes via "TurboTax" or something of the sort with a mortgage now and he said it was rather simple. BUT he is married and I am not. So I was curious as to whether both my girlfriend and I needed to provide this info on our taxes or just one of us. Or is it a questionnaire in the software itself. Its worth noting our mortgage company changed three times already but 2 of them were in 2018 and those are the only two we received tax info from. On the first company we dealt with, only my name appeared on the tax sheet, while the second company has both of ours.

I imagine a lot of responses will be to get them professionally done and I accept this and appreciate the understanding of this answer, just curious if it is something simple ahead of time before pursuing that avenue. 

Thanks to the BiggerPockets community ahead of time for getting me to this point so confidently.

Steve and Janessa

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Basit Siddiqi
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
3,695
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8,153
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Basit Siddiqi
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
Replied

@Steve Roos

It depends on who is on the title and the documents.

If you own the property as tenants in common - you report your share of income/expenses on your separate tax returns.

if only one person is on title/documents - only one person reports it.

The numbers to report(depreciation, calculating basis) is another story.

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Basit Siddiqi CPA
4.9 stars
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