Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-27-2009, 01:00 PM
Junior Member
 
Join Date: Jan 2009
Posts: 2
Who gets to itemize real estate items?

My divorce was final in August of 2008. Our income was joint until August and I lived in the house until then. She was awarded the house as part of the divorce. Do I have the right to itemize any of the property taxes or mortgage interest paid in 2008? What about charitable contributions?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-28-2009, 12:03 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
I think you need to have an agreement with your spouse as to who should claim the mortgage interest and property tax deduction, assuming the amount of mortgage payment is coming out of a joint bank account!

However, even though your ex-spouse was awarded the house, if you are making the mortgage payment and property tax payment then you are entitled to claim the mortgage interest deduction for 2008 along with the property tax deduction.

The charitable contribution comes into play as part of the itemized deduction. Here the tax law also states that this deduction can only be claimed by the party that actually paid these contribution. It is worth remembering that claiming the charitable contribution alone without being able to claim mortgage interest deduction and property tax deduction may not be beneficial to you. This is because the standard deduction may provide a greater tax benefit to you than claiming the itemized deduction.

But, the final decision is based on the divorce decree and what was decided on that agreement. Ultimately, both you and your ex-spouse must decide amongst yourself who benefits the most and perhaps you can share the tax benefits between both of you.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Real estate property tax question optionstrader Rental Real-Estate 1 11-04-2008 09:36 AM
The IRS has ruled that a Real Estate can be acquired in a Tax Free Exchange! TaxGuru Rental Real-Estate 0 07-30-2008 11:40 PM
Can you write off development costs for real estate not purchased. jmramsey Miscellaneous 1 03-09-2008 04:45 PM
real-estate tax question NY and Texas Eimen Rental Real-Estate 1 03-31-2007 12:04 AM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.