My girlfriend and I are planning on buying a house together. For various reasons, I will get the mortgage in my name only. Then at the closing table, I would like to either quitclaim half of it to my girlfriend, or put the title in both of our names.

My question is this - when it comes to tax time, will we be able to split the mortgage interest (and closing expenses) for the house?

Who exactly can take the write offs? I know that I will be able to, but can I share them with her? She is putting up half the money for everything - deposit, mortgage, etc.).

Thanks in advance!

I've never heard of dividing the mortgage interest, it may be possible but I would only think you could split it if you were filing as a married couple.

How about calculating your taxes without using the mortgage interest. Then, see what the difference is when you include it. Use that amount, divide it by 2, and write her a check after you get your refund.

Just a suggestion, hopefully someone else has a better answer for you.

Only the person whose name is on the mortgage will get to claim the interest deduction. The form from the lender will be in that name only.

Next make sure you can legally put the deed in a second name, since often a quitclaim deed will make the loan payable, since many have a clause that says if the property is sold or transferred the entire loan is payable, so be sure you are not getting yourself in trouble.

Also what is going to happen if you split in two years, if both are on the deed, you can not force them off, you can not kick them out, put you will be stuck paying for the entire loan

Mortgage interest is deductible if you itemize your deduction on schedule A (Form 1040). Then you don't get standard deduction.

Interest on ANY loan can be deducted only if the person claiming the deduction is LEGALLY LIABLE to pay the loan.

Now, if you and your girl friend are jointly and severally liable for the mortgage, then you can split the interest any way you see fit.

Married couples who file separately MUST split the interest equally.