Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-13-2013, 05:13 PM
Junior Member
 
Join Date: Feb 2013
Posts: 1
Mortgage interest and taxes in year of divorce

Our divorce was final on Dec. 20, 2012. There were no support orders prior to the divorce so no "alimony" paid in the eyes of the IRS in 2012. Ex-Wife and I agreed she would stay in house and make mortgage payments and I would give her money (support) to allow her to stay in the house. This was an agreement we made and honored throughout the balance of 2012. I moved out in May and payments on the mortgage were made via a joint account through May. After May the payments were made by my ex. The divorce decree indicates I can claim 1/2 the property taxes and 1/2 the mortgage interest for the year or until the mortgage was refinanced to remove my name from the mortgage and title. The mortgage was in both of our names throughout 2012 and so was the title. Can I legally claim 1/2 the taxes and 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 02-14-2013, 02:53 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Our divorce was final on Dec. 20, 2012. There were no support orders prior to the divorce so no "alimony" paid in the eyes of the IRS in 2012. Ex-Wife and I agreed she would stay in house and make mortgage payments and I would give her money (support) to allow her to stay in the house. This was an agreement we made and honored throughout the balance of 2012. I moved out in May and payments on the mortgage were made via a joint account through May. After May the payments were made by my ex. The divorce decree indicates I can claim 1/2 the property taxes and 1/2 the mortgage interest for the year or until the mortgage was refinanced to remove my name from the mortgage and title. The mortgage was in both of our names throughout 2012 and so was the title. Can I legally claim 1/2 the taxes and interest?=============>I guess so as long as you paid it and are liable for it, then you can take the deduction. If you jointly own a home with your former spouse after a divorce, and you remain responsible for paying the mortgage, then you are still eligible to claim the mortgage interest deduction even though you no longer live there. In addition, if you pay more than half the mortgage, then some of the interest is deductible as alimony. Remaining a joint owner of a home with your former spouse after a divorce is not uncommon. Even if only one spouse resides there, if both your names are on the mortgage and title, then you are each responsible for making half of the payment. The spouse who does not live in the home but pays half of the mortgage can still claim a mortgage interest deduction just like any other homeowner. However, you can only claim half of the mortgage interest as a deduction and still satisfy all "qualified home" requirements
If you must pay all the mortgage payments (principal and interest) on a jointly-owned home, and they otherwise qualify as alimony, you can deduct one-half of the total payments as alimony. If you itemize deductions and the home is a qualified home, you can claim one-half of the interest in figuring your deductible interest. Your spouse must report one-half of the payments as alimony received. If your spouse itemizes deductions and the home is a qualified home,she can claim one-half of the interest on the mortgage in figuring deductible 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
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
Mortgage Interest & Real Estate/School Taxes tjs83 Itemized Deductions 1 03-26-2011 12:57 PM
Mortgage interest and real estate taxes paid on second property bought in 2010. kjhoch Itemized Deductions 3 03-20-2011 03:16 AM
MFS: mortgage in spouse's name; payments via joint account; mortgage interest / real estate deduction options ohjustbob Itemized Deductions 1 03-08-2011 01:08 AM
mortgage interest after divorce jkb67 Divorce Tax Issues 1 02-24-2011 08:46 PM
Mortgage Interest and Property Taxes Energy Trader Itemized Deductions 0 03-28-2010 05:01 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