i've been married for about 14yrs and since 1998 (we're seperated) i have been filing taxes on my own, i claim 2dependents he claims 2dependents (we have 4 children). anyways i purchased a home and under TX law he's name had to be included cuz we are still married. He makes more money than i do will it benefit him to claim the house i purchased in our both names. this is my 1st home so i know nothing about paying taxes on a home? FYI i still make payments on the house.
2007-09-20 19:27:38 · 2 answers · asked by *jessica* 2 in Business & Finance ➔ Taxes ➔ United States
In order to claim the interest and property tax deductions the taxpayer must both be legally obligated to make the payments and actually make the payments. Unless he's making the payments, he CANNOT claim them on his taxes. Since you are making the payments, you CAN claim the mortgage interest and property tax deductions on YOUR return.
2007-09-20 22:56:29 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
According to my wife (17 years with IRS, now retired) he has to be paying on it to claim it. If you are making all the payments, then he can't claim it. Each year you will have to do the rather tricky calculation of medical, interest on the mortgage and taxes to see whether you are better off with the standard deduction or itemizing. You can't just write down what you spent because each part you can only deduct if you exceed a certain percentage of your income.
2007-09-20 19:39:39 · answer #2 · answered by Mike1942f 7 · 0⤊ 0⤋