Accountant Forums


Reply
Thread Tools

Filing separately. Must we share the mortgage interest deduction?

 
 
gsiddiqui@gmail.com
Guest
Posts: n/a
Thanked:
 
      05-16-2005, 12:06 AM
My husband moved out in July of 2003 we would like to
divorce. Since that point I have been making the mortgage
payments. So for 2004, I took the mortgage interest
deduction. Soon To Be Ex (STBX), has delayed filing,
because he wants to see my tax returns and claim have the
mortgage deduction.

I combed through the info on irs.gov but couldn't find
anything on that. I called the IRS and they said the person
who pays takes the deduction (I have proof that I paid).
OTOH he called the IRS and claims that the IRS supports his
position.

Can anyone help? I'd like to be sure of my position, and
even some printed official guidance will help.

Thanks so much!
Ghina

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Rick Merrill
Guest
Posts: n/a
Thanked:
 
      05-16-2005, 05:26 AM
(E-Mail Removed) wrote:

> My husband moved out in July of 2003 we would like to
> divorce. Since that point I have been making the mortgage
> payments. So for 2004, I took the mortgage interest
> deduction. Soon To Be Ex (STBX), has delayed filing,
> because he wants to see my tax returns and claim have the
> mortgage deduction.
>
> I combed through the info on irs.gov but couldn't find
> anything on that. I called the IRS and they said the person
> who pays takes the deduction (I have proof that I paid).


If you file Married Siling Separately only one of you can
itemize, hence only one can take the mortage interest
deduction.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Phil Marti
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:01 PM
>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


If one MFS filer itemizes both MUST itemize.

Whoever paid gets the deduction. In OP's case, a 50/50
split for the period when they were together (and, I assume,
contributing to the expenses) sounds reasonable.

--
Phil Marti
Clarksburg, MD

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Barry Picker
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:20 PM
<(E-Mail Removed)> wrote:

> My husband moved out in July of 2003 we would like to
> divorce. Since that point I have been making the mortgage
> payments. So for 2004, I took the mortgage interest
> deduction. Soon To Be Ex (STBX), has delayed filing,
> because he wants to see my tax returns and claim have the
> mortgage deduction.
>
> I combed through the info on irs.gov but couldn't find
> anything on that. I called the IRS and they said the person
> who pays takes the deduction (I have proof that I paid).
> OTOH he called the IRS and claims that the IRS supports his
> position.
>
> Can anyone help? I'd like to be sure of my position, and
> even some printed official guidance will help.


You have to meet two criteria to claim a deduction for
mortgage interest (and real estate taxes). One, is that you
are liable for the payment, and two, is that you actually
MAKE the payment.

So, to the extent that YOU paid the mortgage, you claim the
interest deduction. To the extent that he paid it, he can
claim the deduction. If he paid none if it, that's how much
of the deduction he can claim.

Barry Picker, CPA/PFS, CFP

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Frederick Jorden
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:20 PM
Rick Merrill wrote:
> (E-Mail Removed) wrote:


>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


Wrong. With married separate returns both must itemize or
take the standard deduction. The spouse who is named on the
mortgage or deed of trust and paid the mortgage gets the
interest and tax deductions on the house.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL (E-Mail Removed)
(804) 320-6210 FAX (804) 320-6211

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Herb Smith
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:20 PM
Rick Merrill wrote:
> (E-Mail Removed) wrote:


>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


That is wrong. If you file Married Filing Separate, and one
of you itemizes, then the other MUST also itemize. The
mortgage interest deduction can only be claimed by the TP
who actually PAID it. Unless the payments were made from a
joint account, it looks like the OP should get the entire
2004 deduction.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Wayne Brasch
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:20 PM
"Rick Merrill" <(E-Mail Removed)> wrote:
> (E-Mail Removed) wrote:


>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


That is not correct! When you file married filing
separately, both spouses must either itemize or both must
take the standard deduction. I suggest that Ghina download
Publication 17 from irs.gov and see what it says about this
situation.

Wayne Brasch

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Arthur Kamlet
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:39 PM
Rick Merrill <(E-Mail Removed)> wrote:
> (E-Mail Removed) wrote:


>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


If one of you files MFS then the other also files MFS,
unless there is a dependent child involved.

If both file MFS and one of you chooses to itemize, the
other's standard deduction is zero. So, in practice, both
must now itemize.

If one files MFS, that tax return is private and
confidential and need not be shared with anyone else unless
a judge says otherwise.

__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Jo Firey
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:39 PM
"Rick Merrill" <(E-Mail Removed)> wrote:
> (E-Mail Removed) wrote:


>> My husband moved out in July of 2003 we would like to
>> divorce. Since that point I have been making the mortgage
>> payments. So for 2004, I took the mortgage interest
>> deduction. Soon To Be Ex (STBX), has delayed filing,
>> because he wants to see my tax returns and claim have the
>> mortgage deduction.
>>
>> I combed through the info on irs.gov but couldn't find
>> anything on that. I called the IRS and they said the person
>> who pays takes the deduction (I have proof that I paid).


> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


Someone tell me this is wrong. Its early, coffee isn't
working, and I'm suffering from major brain fog.

But if one itemized, both have to, right? Please?

Jo (retired CPA)

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Bob Sandler
Guest
Posts: n/a
Thanked:
 
      05-17-2005, 08:39 PM
> If you file Married Siling Separately only one of you can
> itemize, hence only one can take the mortage interest
> deduction.


That doesn't sound right. If MFS and one itemizes, the other
cannot take the standard deduction. Therefore, if one
itemizes the other normally itemizes also.

The OP's question, essentially, is whether actually having
paid the interest is a requirement for deducting it, or can
someone who was liable for it but did not pay it take the
deduction.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Must a minor with small job, interest-bearing savings, and IRAcontributions file? nielloeb@gmail.com Tax 15 03-15-2012 01:33 AM
filing status guestion: married filing jointly vs married filing separately david Tax 0 07-22-2010 06:40 PM
income support mortgage interest repayment vs interest only mortgage Iain UK Tax Credits and Benefits 2 05-05-2005 06:34 PM


All times are GMT. The time now is 02:24 PM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.