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Itemized Deductions Schedule-A


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Old 03-24-2011, 11:35 PM
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Mortgage Interest & Real Estate/School Taxes

My boyfriend and I own a home together - both names are on the deed and when we get our tax forms in the mail both our names are on it with both social security numbers. The last 2 years we got our taxes done (at H&R Block) they split the interest and taxes between us. However this year he said that it would be useless to split it as neither one of us would go over the allotted $5700. So I asked if one year I could claim the interest and taxes and then the next year he would. He said no. But now I am hearing different things.

I was told on H&R Block forum by one of their people that we could alternate years and I have seen on other sites that if you pay 50/50 then you have to split it 50/50. But if we are both OK with the other one taking it that year - wouldn't that be OK?

Unfortunately I am at work, and I am now wondering wtf happened with the last 2 years on our taxes - if we paid extra for itemization but still got the standard deduction - I will have to look it all over tomorrow.

Any information would be helpful.



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Old 03-26-2011, 12:57 PM
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Join Date: Oct 2010
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“I was told on H&R Block forum by one of their people that we could alternate years and I have seen on other sites that if you pay 50/50 then you have to split it 50/50. But if we are both OK with the other one taking it that year - wouldn't that be OK?”---> I don’t think so; you can deduct only your share of the mortgage interest you paid. You cannot deduct interest if you make a payment on someone else's loan. If you and at least one other person were liable for, and paid, interest on a mortgage that was for your home, then you need to attach a statement to your return explaining this, showing how much of the interest each of you paid and giving the name and address of the person who received the form. In the far left margin, next to line 11, Schedule A, write ‘‘see attached.’’Just for reference,mortgage interest does not have to be in both party names. An "equitable owner" works too. Interest paid on the taxpayer's indirect debt obligation combined with equitable and beneficial ownership of the residence may be deductible. However, the situation of real estate taxes is different story; r/e taxesdo require that each be legally obligated to pay the tax. Real estate taxes generally can be deducted only by the taxpayer that carries legal title( on whom the tax is imposed.)



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