My divorce was final in November 2006, I moved out of the house in Sept 2006. I turned the house over to him in a quick deed in our divorce. My husband is trying to claim all the interest deductions on his taxes and is telling me I'm not entitled to the interest because I turned the house over to him. Do I have rights to the deductions? What should I do?
2007-01-04 10:50:22 · 3 answers · asked by JD D 1 in Business & Finance ➔ Taxes ➔ United States
This information is courtesy of...IRS Publication 936 (deductible mortgage interest) and IRS Publication 504 (divorced or separated individuals on deductible mortgage interest payments as alimony.)
Under whose name will the 1098 mortgage interest statement come? (If the ex's is listed first on the deed etc. probably his name.) It really does not make a difference because you were liable for paying the debt just as he was, if the home was in both of your names.
What to do?-------File a MFS return for tax year 2006....both of you have to itemize deductions then with a Schedule A.
On line 11 of the Schedule A put in the amount of your deductible mortgage interest paid on the home in 2006.
*(up to the date you deeded the property to him-----after the deed was granted, he became soley responsible for the debt).
On the dotted lines, to the left of line 11, print SEE ATTACHED. Attach a separate piece of paper to your Federal tax return stating the circumstances pertaining to the line 11 deduction. (i.e. divorce, date deeded, that it was owed and paid by both of you until such and such a date & the figures you used in deducing your deductible % of mortgage interest).
Please do let your ex know that you are doing this and that you are within your legal rights to do so. E-mail him a copy of IRS Pub. 936 and 504 if you have to.
Go to a reputable tax preparer this year too. There are EA's throghout the US and one near you can be found at www.naea.org. Your tax preparer should adhere to an ethics code of conduct, have continuing education re: tax changes,laws etc. and be licensed.
Good luck to you in 2007.
2007-01-04 11:55:52 · answer #1 · answered by Meg 2 · 0⤊ 0⤋
Meg has some good info, but since you were divorced before the end of the year, you CAN'T file as Married Filing Separately since you were not married as of the end of the year.
2007-01-04 15:36:19 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
if should have been spelled out in the divorce decree. if not, you , him and the IRS may have a sit down. contact a CPA to find out what you can do.
2007-01-04 10:56:19 · answer #3 · answered by Jen 5 · 0⤊ 0⤋