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Itemized Deductions Schedule-A


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Old 04-26-2016, 11:53 AM
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Follow up to Mortgage Interest Deduction Question - Dated 4/25

If we were to refinance the mortgage in both our names and I retain my name on the title to the property, and my former spouse makes the mortgage payment each month after closing, will I still be allowed to claim the Mortgage Interest and Taxes deductions (even though she is making the payment directly to the lender) since she has agreed to allow me to claim these deductions as part of our divorce decree??



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Old 04-26-2016, 04:41 PM
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you may be entitled to claim half of the mortgage interest payments ;ASLONGAS you and your ex were legally divorced on the last day of the tax year, who claims the interest deduction depends on who is ordered to pay the mortgage and how the property is titled.. If you both own the home but only as you saidshe was ordered to make the mortgage payments, the payments are likely considered alimony by the IRS. She may deduct half the payments as alimony on her 1040, and you must claim half the payments as income on your 1040. So as you and sheown the home but she was ordered to pay the mortgage, she may deduct the entire amount on her retrurn. So you may be entitled to claim half of the mortgage interest payments. As per IRS publication 504 - Table 4, your ex can deduct half of the mortgage interest payments as alimony paid and you must include that half as alimony income. Your ex can also claim the interest exp as an itemized deduction, half of the interest as an interest expense. However, you can deduct the other half of the interest as well



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