2007-02-11 07:55:49 · 5 answers · asked by mrrowe08 1 in Business & Finance ➔ Taxes ➔ United States
You have to decide that between the two of you. Probably OK to split it.
2007-02-11 07:58:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you are both legally liable for the debt
More than one borrower. If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.
Or if it more beneficial for just one to claim it that can be done but the note needs to be included for the person who's name is not on the 1098
Publication 936
http://www.irs.gov/publications/p936/ar02.html#d0e1664
2007-02-11 08:02:06 · answer #2 · answered by Rob 7 · 1⤊ 1⤋
The law says you must claim it in the proportion you paid it, provided you are both legally obligated to repay the mortgage. In a situation such as yours, this is a moving target. If you have no children and both have good jobs then the answer is simply the one who has the highest marginal tax rate, assuming that person can itemize. In most households, that means the person with the highest income. All you have to be wary of is if either of you have itemized deductions that the other one doesn't. In that case, the calculation becomes more complex.
If you have roughly the same deductions, simply go with who earns the most.
If you have children you might find it helpful to consult a tax professional
2007-02-11 08:02:00 · answer #3 · answered by skip 6 · 0⤊ 2⤋
split the deductions down the middle and each claim on their taxes.
2007-02-11 08:24:11 · answer #4 · answered by Johnny A 5 · 0⤊ 1⤋
Probably the one that will gain the most benefit from deducting it.
2007-02-11 08:25:34 · answer #5 · answered by fangtaiyang 7 · 0⤊ 1⤋