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Is it the person with the lower tax bracket?

2007-07-21 23:52:28 · 6 answers · asked by MissJane 1 in Business & Finance Taxes United States

6 answers

actually you could split the taxes. Or as a couple you two can figure out whom would benefit most by claiming the taxes and that person would use it.

The person in the lower tax bracket, if he/she is in the lowest (i.e. poverty level) would not benefit by claiming the taxes as the probably already get all their tax money back.

You need to play around with each others figures to determine whom gets the biggest benefit from it.

2007-07-21 23:58:27 · answer #1 · answered by brian c 5 · 0 2

Both people can claim the deductions for property taxes and interest.

However, it is better for one person to claim all of the expenses and have the other person claim the standard deduction for single. It will result in less taxes than if the deductions were split.

2007-07-22 02:48:25 · answer #2 · answered by Steve 6 · 0 1

Either or both of you, as long as both of you are listed on the deed and mortgage.

The Form 1098 from the lender will only have one SSN on it. If you split the deduction for the mortgage interest that person will need to include a signed statement with their tax return listing the co-borrower's name and SSN and the amount of the interest that they'll claim. The other owner needs to include a similar statement with their return, listing the other borrower's details in the same manner.

2007-07-22 00:11:48 · answer #3 · answered by Bostonian In MO 7 · 6 0

do no longer purchase a house with this guy. i bought a house with my better half, and we are no longer married. in spite of the shown fact that, we the two contributed to the deposit, and are the two on the identify and the own loan. we are in this collectively, whether we lease the dwelling house out after some years. My portion of the deposit became a strategies bigger than his, yet that would not substitute something. We share the duty the two and we are the two legally to blame for the own loan. we are in it collectively. you're no longer interior an analogous challenge. you heavily isn't on the identify, and you heavily isn't on the own loan place of work work. so which you're no longer portion of the deal. that may no longer suited. you may tell him you're no longer waiting to purchase the dwelling house suited now till you have saved a sprint for the deposit and characteristic repaired your credit a sprint. If he would not want you on the place of work work, what long term plans does he have for you? It sounds very dodgy to me. I mean, you will possibly nevertheless be contributing in the direction of the own loan, even in spite of the undeniable fact which you're no longer on the place of work work. that may no longer honest. you need to besides stay someplace else and pay lease, in case you're no longer likely to be section proprietor of the valuables. I say shy away on the belief. do no longer pass down this course. tell him to attend till you're in a challenge the place you may make contributions, so which you'll be on the books legally. it particularly is going to likely be particularly worth it in case you ruin up. undergo in innovations, there's a touch great age hollow between you, and persons substitute as they mature. In some years, this guy ought to no longer be the guy you thought he became. I say your intestine feeling is sweet. Say no and stroll away. If he desires to purchase the dwelling house, do no longer make contributions to the own loan, yet stash you cash in a chit rates account and investments somewhat. you are able to desire to look after your self. He could admire that. this could be a prevalent wake-up call that perchance you may no longer be with this guy. you're no longer a loose lunch. Your funds are merely as significant as his are. maximum suitable desires

2016-10-09 05:50:25 · answer #4 · answered by holtzer 4 · 0 0

No, the person who pays it is entitled to the deduction. If the two people split it, they can also split the deduction.

2007-07-22 04:09:28 · answer #5 · answered by Judy 7 · 1 1

i think u can still claim tax as a spouse in a defacto relationship....not sure though.

contact ur tax agent

2007-07-21 23:56:05 · answer #6 · answered by Anonymous · 0 6

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