Mortgage Interest and Property Tax Deductions


D

DH

If two unmarried individuals are listed on a mortgage, is it possible to
split the mortgage interest and property taxes between two returns so
that both people can take advantage of these deductions? How is it
done?

Regards,
David
 
Ad

Advertisements

P

Phil Marti

DH said:
If two unmarried individuals are listed on a mortgage, is it possible to
split the mortgage interest and property taxes between two returns so
that both people can take advantage of these deductions? How is it
done?
They split the deductions in the same way they split the payments.

It may be to their advantage, going forward, to arrange things so that one
pays the deductible items and the other pays nondeductible items like
maintenance, utilities, etc. This would enable one to take all the
deductions on an itemized return while the other took the standard
deduction.
 
Ad

Advertisements

J

Jim Kingdon

If two unmarried individuals are listed on a mortgage, is it possible to
They split the deductions in the same way they split the payments.
See the instructions for line 11 at
http://www.irs.gov/pub/irs-pdf/i1040sa.pdf
(page A-4).

The key words are "If you and at least one other person . . . were
liable for and paid interest . . .". Usually wording like "Were
liable for" means that you need to have some kind of agreement which
obligates each of you to pay, rather than just dividing it up in order
to minimize your taxes.

But I'm hardly an expert on this.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top