Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-15-2011, 09:09 PM
Junior Member
 
Join Date: Mar 2011
Posts: 6
Married Filing Separate

Myself and spouse are separated but still living in the same apartment. We owned a two family home where 1 unit is rented.

She already filed her taxes but did not file schedule E to report her share of the income. We don't live in a community state. My questions is as follows:

1. Do I have to report the entire rental income & expenses or only 50%.

2 I am aware that since we did not live apart, I will not able to deduct any rental loss. Is it possible to use most the entire mortgage interest and property tax amounts on schedule A?

Thanks



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 03-16-2011, 04:08 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
“Myself and spouse are separated but still living in the same apartment.”-I am not quite sure about your situation; spouses can make a contract with each other about how they will behave while they are waiting to get divorced a separation agreement, but the one-year clock does not begin to run until the spouses are living apart. For example, in NC the only grounds for divorce is when the husband and wife have lived separate and apart for one year.
“1. Do I have to report the entire rental income & expenses or only 50%. “---->I assume that you file your return as MFS; then it depends; you cannot deduct any property taxes or mortgage interest unless YOU paid it. If a co-owner or cosigner (or even a complete stranger) paid the taxes or interest you cannot deduct them even though you might be an owner of the house. So, to deduct your rental expenses ,i.e., real estate taxes, interest expenses or etc, the taxes must be imposed onyou taking the deduction. In particular real estate taxes would be imposed on the owner of the property. The Tax Court has allowed beneficial owners to also claim the deduction. Since the 1098 for the mortgage interest is sent using just one SSN,I mean the PAYER’s SSNon the Form, the general rule is that the person whose SSN is on the form is the one claiming it. If both of you are contributing towards the mortgage payment, then you can split the mortgage interest (how you split it is up to you) and you would need to attach a statement to both returns showing the split.
“2 I am aware that since we did not live apart, I will not able to deduct any rental loss.”--> I am not sure. Is this right??
“ Is it possible to use most the entire mortgage interest and property tax amounts on schedule A?”---->As said above; it depends on the situation.



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
What are the disadvantages of filing Married Filing Separate on your individual tax returns? TaxGuru Filing Requirements 0 03-16-2010 03:27 PM
Mortgage Interest Deductions - Married Filing Separate ajbarrick Itemized Deductions 1 03-13-2008 10:04 PM
Are there any negative consequences of filing married filing separate? TaxGuru Filing Requirements 0 03-09-2008 09:28 PM
filing married joint or married separate cherrefaire77 Filing Requirements 1 02-20-2008 10:17 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