My wife and I own a home. However we would be filing our taxes separately. Who files the mortgage taxes and how do we determine that particular refund so it can be divided equally?
2007-02-06 07:29:37 · 8 answers · asked by dj2awesome 1 in Business & Finance ➔ Taxes ➔ United States
You'll generally pay much lower tax by filing jointly. However, if you do choose to file separate returns keep in mind that if either of you itemize, both of you must itemize. You can split the mortgage interest and property tax deductions if you wish. If the 1098 only has one SSN on it, you should include a note on that person's return that you are splitting the mortgage interest deduction and list their name and SSN. Both of you must be on the mortgage to do that. If only one of you is on the mortgage, only that person can take the deduction.
2007-02-06 07:37:51 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
you can split the mortgage interest & taxes. The person that doesn' have their SS# on the mortgage would be a nominee, referencing the other person's SS#. The other spouse would indicate that other spouse's SS#.
Why are you filing separatly? Almost all the time you are better off filing jointly.
2007-02-06 07:35:27 · answer #2 · answered by Dizney 5 · 0⤊ 0⤋
As far as I know if the home is in both of your names, either one of you can claim it. Although dividing it would be much more difficult. I would see a tax specialist.
In my experience, you get more $ if you file jointly.
Happy tax time!
2007-02-06 07:33:18 · answer #3 · answered by Nichole D 2 · 1⤊ 0⤋
ninety 5% of the time, you will be submitting mutually. There are very very few circumstances whilst it would be extra effective for a married couple that may no longer separated to report one after the other. meaning it does no longer rely whose call the residing house and loan are in, because of the fact the finished volume is going on your joint tax return. the two one in each and every of your earning and the two one in each and every of your deductions all get lumped jointly. till one in each and every of you is amazingly rich whilst the different isn't, you may report mutually.
2016-11-02 12:26:30 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It almost always pays to file jointly. Why aren't you?
Neither one of you would likely pass the standard deduction threshhold if you split the writeoffs.
You need to reconsider what you're doing here.
2007-02-06 07:32:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Use the same accountant. Maybe they can split the deductions out so you both get an equal amount.
2007-02-06 07:32:52 · answer #6 · answered by Jo 6 · 1⤊ 0⤋
Used turbo tax..and try it both ways to see how you both can benifit from one or the other using the deduction.
2007-02-06 07:36:37 · answer #7 · answered by whatelsewhatever 3 · 0⤊ 0⤋
Either of you can claim it, but both of you can not claim it.
It is best to determine who will have the best impact that claiming will have on your taxes.
2007-02-06 07:33:24 · answer #8 · answered by Christmas Light Guy 7 · 0⤊ 1⤋