Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-26-2009, 10:23 AM
Junior Member
 
Join Date: Mar 2009
Posts: 1
Itemized deductions

I am separated and unfortunately we cannot agree on tax liability. We will be Married Filing Separately. At issue is the deduction on home mortgage related interest and real estate taxes. We are both owners of the property and liable on the mortgage. I pay the mortgage through automatic payments from my checking account. This account is not joint.
My question is: How much can each of us claim as itemized deductions?
Her accountant says that because we both own the property each is entitled to 50% of the deductions. I believe that because I make the payments I am entitled to claim all the interest and all the real estate taxes on my federal return.



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 03-27-2009, 12:05 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
Technically your Accountant is correct in that since you jointly owned the property you should be equally sharing the mortgage interest and property taxes between you and your separated spouse.

However, it is worth examining whether or not one of the spouse claiming 100% of the property taxes and interest would benefit more than if both equally shared the property tax and mortgage interest deduction. I would suggest that you provide your separated spouse with an analysis to see what generates the most tax savings and if the latter provides a greater tax benefit, then I would suggest that you encourage your spouse that you should claim 100% of the tax benefit but that you would share the tax benefit with her.

__________________
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
2008 Divorce and affect on itemized ded. active4948 Divorce Tax Issues 0 03-10-2009 11:16 AM
Per Diem deductions davaus10 Itemized Deductions 1 02-12-2009 06:00 PM
Itemized Deductions... abecksted Itemized Deductions 1 03-14-2008 10:30 AM
How to devide up Itemized Deductions when filing Married filing Separately dheller Itemized Deductions 1 02-24-2008 03:25 PM
If I am filing married filing separate, how should we split our itemized deductions? Amir Divorce Tax Issues 1 02-05-2008 10:15 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