Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-20-2017, 10:04 PM
Junior Member
 
Join Date: Jan 2017
Posts: 1
Question Divorce mortgage/tax question

Hi

I live in PA. Divorced in 2015. My ex (female) and I (male) are BOTH on the title and mortgage of the house. Ex lives in the house with primary care of the kids. I live elsewhere and pay her alimony and child support. From the alimony, child support, and what money she makes herself, she pays the entire mortgage. Am I eligible to claim any of the mortgage interest or real estate tax for my tax deductions?

Thank you!!



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 01-21-2017, 03:43 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by cosmicdd View Post
Hi

I live in PA. Divorced in 2015. My ex (female) and I (male) are BOTH on the title and mortgage of the house. Ex lives in the house with primary care of the kids. I live elsewhere and pay her alimony and child support. From the alimony, child support, and what money she makes herself, she pays the entire mortgage. Am I eligible to claim any of the mortgage interest or real estate tax for my tax deductions?

Thank you!!
It depends;. In the eyes of the mortgage lender, you remain married and liable for the mortgage unless you sell the house or refinance. Usually, when both you and your ex-spouse own the home or you're both liable as cosigners on the mortgage loan, you're entitled to deduct as alimony one-half of the mortgage payment, real estate taxes and property insurance you pay. Your ex-spouse must report the payments as income/alimony.
Likewise, you and your ex-spouse each may take itemized deductions for half the real estate taxes paid, as well as mortgage interest paid (again, it must be a qualified home for this deduction).
.If the house changes ownership as a result of the divorce, then there will be some tax consequences. If you take sole ownership of the home, but your ex-spouse lives in it, you may deduct the full amount of mortgage interest; you can't claim any of the interest payment as alimony. If your ex-spouse owns the home and lives in it, but you take responsibility for the house payments, then you deduct that money as alimony on your 1040; your ex-spouse would have to report the alimony as income on her 1040, but could also claim the mortgage interest deduction as the owner;



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



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
Question regarding mortgage deposit Superk0725 For 2013 1 03-15-2014 01:25 AM
Claiming Mortgage Interest post divorce Drewbian Divorce Tax Issues 1 01-26-2014 03:05 AM
Not a divorce - but question on IRS reporting requirements home equity split josephp732 Divorce Tax Issues 3 11-26-2013 02:46 AM
Mortgage interest and taxes in year of divorce shiggin2 Divorce Tax Issues 1 02-14-2013 02:53 PM
mortgage interest after divorce jkb67 Divorce Tax Issues 1 02-24-2011 08:46 PM

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.