Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-09-2011, 02:10 PM
Junior Member
 
Join Date: Feb 2011
Posts: 4
Mortgage interest deduction for unmarried couple

Can I divide up mortgage interest paid (1098 received in both names) between two unmarried people who co-own and co-habitate? What if one partner can make more use of the write off than the other due to other itemized deductions on schedule A when the other partner will still get the standard deduction even if they take half of the mortgage interest?



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 02-11-2011, 09:37 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Can I divide up mortgage interest paid (1098 received in both names) between two unmarried people who co-own and co-habitate?”----->Yes, you can; interest on ANY loan can be deducted only if the person claiming the deduction is LEGALLY LIABLE to pay the loan.Now, if you and your co-habitant are jointly and severally liable for the mortgage, then you can split the interest any way you see fit.
“What if one partner can make more use of the write off than the other due to other itemized deductions on schedule A when the other partner will still get the standard deduction even if they take half of the mortgage interest?”---->The partner can’t claim both standard deduction and itemized deductions at the same time. If he wants to get the standard deduction, then he can’t claim itemized deductions, mortgage interest expenses deduction, on Sch A. On the contrary, if he doesn’t want to claim itemized deductions, then he can get standard deduction on his return.
Just for reference; if you are married and file separately and your spouse itemized deductions, then you must also itemize deductions, even though this is less than the standard deduction to which you would otherwise be entitled.



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
Using Mortgage Interest Deduction instead of Student Loan Deduction MrGermyD Itemized Deductions 0 01-14-2011 11:20 PM
Investment mortgage interest Jaxtivers Miscellaneous 0 04-14-2010 07:06 PM
Mortgage Interest and Property Taxes Energy Trader Itemized Deductions 0 03-28-2010 05:01 AM
Mortgage Interest for Joint Owners aldc7d Itemized Deductions 0 02-05-2010 04:07 PM
reporting mortgage interest saugeye Rental Real-Estate 1 03-11-2009 04:19 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.