*Loan,banking and credit>>>income tax

If an unmarried couple buys a house together. Who gets to claim the taxes on there income?

Is it the person with the lower tax bracket?

actually you could split the taxes. Or as a couple you two can figure out whom would benefit most by claiming the taxes and that person would use it.

The person in the lower tax bracket, if he/she is in the lowest (i.e. poverty level) would not benefit by claiming the taxes as the probably already get all their tax money back.

You need to play around with each others figures to determine whom gets the biggest benefit from it.

the one who owns the house on the ownership books can make a claim
Institute of Strategic Management, Mumbai, India, gr8warrier@yahoo.com
i think u can still claim tax as a spouse in a defacto relationship....not sure though.

contact ur tax agent
Either or both of you, as long as both of you are listed on the deed and mortgage.

The Form 1098 from the lender will only have one SSN on it. If you split the deduction for the mortgage interest that person will need to include a signed statement with their tax return listing the co-borrower's name and SSN and the amount of the interest that they'll claim. The other owner needs to include a similar statement with their return, listing the other borrower's details in the same manner.
Both people can claim the deductions for property taxes and interest.

However, it is better for one person to claim all of the expenses and have the other person claim the standard deduction for single. It will result in less taxes than if the deductions were split.
No, the person who pays it is entitled to the deduction. If the two people split it, they can also split the deduction.