2007-02-12 12:52:27 · 3 answers · asked by Scott V 1 in Business & Finance ➔ Taxes ➔ United States
Can one person claim any percentage if the other person agrees?
2007-02-12 13:00:30 · update #1
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/index.html
2007-02-12 12:59:41 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You can decide between you who would deduct what percentage of the mortgage. However, if you are each filing your own return, then it is best that you alternate on who takes the whole deduction each year. Because you each need to exceed your own standard deduction in order to benefit from itemizing. And if you divide the mortgage and property tax, then chances are you each benefit little if any.
Best wishes.
2007-02-12 13:40:43 · answer #2 · answered by JQT 6 · 0⤊ 2⤋
If they both paid the mortgage, they can split it. The one that has the SS# on the loan would indicate the other person's SS# and visa-versa. It's called nominee.
BTW, anyone that says they can't split it is WRONG - we do this with clients every year!
2007-02-12 12:56:41 · answer #3 · answered by Dizney 5 · 0⤊ 1⤋