Refinancing Home Mortgage
In: Mortgage Payment
9 Apr 2010when you have a mortgage, is the house payment considered a household expense? To be more specific, claiming head of household means you have to spend more than whomever is living with you on “household expenses”. So therefore is the mortgage payment a household expense? I hope I am making sense to all that read this :-/
This is about mortgage information questions.
5 Responses to when you have a mortgage, is the house payment considered a household expense?
donfletcheryh
April 9th, 2010 at 12:44 am
The interest and insurance taxes included in the mortgage payment are an expense. But the amount of the payment that is principal is not an expense, even though it is definitely something you have to pay.
s and d e
April 9th, 2010 at 1:38 am
no, only the interest is deductable
ronidl76
April 9th, 2010 at 1:43 am
you can only claim head of household if you have a dependent. Having a roommate does not qualify. If you do have a roommate, and you pay more for the housing, or better yet, if you let that roommate stay there for free, you can only claim this person if you are the legal guardian, and this person says that someone else can claim him/her when they file their return.
Aditya
April 9th, 2010 at 2:16 am
YES
therainbowseeker
April 9th, 2010 at 2:41 am
Rent, utilities, insurance, and maintenance are household expenses. A mortgage is a debt. It may be secured by a home, but it is not a household expense. The good news is that for tax purposes, if the mortgage is in your name, you may be able to deduct the interest portion of your payments.