Obviously, we do not have legal US marital status and we file as individuals. We are both on the house, and I am wondering if I when I do taxes if I claim half of the taxes and interest on the 1040, or if only one of us claims the entire amount. Is there a tax book that goes into details about this stuff, the 1040 directions do not mention this type of thing. Thanks!
2006-11-29 09:36:21 · 5 answers · asked by quirky 5 in Business & Finance ➔ Taxes ➔ United States
Step 1: If you both are liable on the mortgage loan, you are both eligible to claim the interest deduction. Step 2: The deduction can only go to the person who actually pays the mortgage. If you and your partner each pay half it's easy. If you have a different split, then you will each have to claim that actual amount paid.
2006-11-29 11:18:27 · answer #1 · answered by mattapan26 7 · 2⤊ 0⤋
If you are both on the loan then you can split the interest and property tax deduction. One of you can claim the deduction and then the other person could take the standard deduction. However, in an audit the IRS may look at who writes the check to make the payment. There is no booklet that practices tax planning. A good tax preparer should give you some advise. If you are in California.
2006-11-29 10:03:46 · answer #2 · answered by Jennifer G 2 · 0⤊ 0⤋
you each and every can declare 50% of the interior maximum loan pastime and taxes on your earnings tax. you additionally can agree that on the different proportion that works for the two one in all you, as long because of the fact the completed does no longer exceed a hundred%. as an occasion, if one individual is interior the ten% bracket without the deduction, and the different is interior the 28% bracket, the guy interior the 28% bracket could take the completed deduction, on account that's worth greater (assuming settlement of the two events
2016-12-10 18:35:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i had a live in business partner. both of us were owners on property. he took the deds the first year and i took them the second. we never got audited.
would you with both claiming, and sharing the same address? dont' think so, but the irs....
2006-11-29 12:27:26 · answer #4 · answered by elmo o 4 · 0⤊ 0⤋
You will have to decide who will take the credits since this type of adjustment cannot be divided. You can get a copy of Publication 47 from your local H & R block office.
2006-11-29 09:46:54 · answer #5 · answered by Anonymous · 0⤊ 3⤋