My husband and I are filing separate. Do we both deduct the total mortgage, split it in half, or on take it?

Question

We are filing separately and don't know if we both put the mortgage and real estate taxes on it, do we split it or does one person just do it?

Answer 1

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.

Publication 936
http://www.irs.gov/publications/p936/ar02.html#d0e1664

Answer 2

Both can not take total mortgage interest, you have to split it or one of you take it all. It is best to seek a professional help like an tax accountant, they might find more deductible than what you see or claim, they can tell you if filing separately is worth doing or not.

Answer 3

You don't put it on both. You can either split it, or the person whose social security number is on the loan can take the whole amount.

If one of you itemizes deductions, the other can't take the standard deduction - has to either itemize also, or put zero on the line for standard deduction.

Answer 4

its better to contact ppl like h and r block to find out what they suggest...they are good and will be able to give you the best answer