If a married couple is filing separately, can they split up the mortgage interest deduction anyway they want? i.e., can they choose any split they want? Can one spouse claim it all and the other none.
Both individuals are on the mortgage; both own the house.
If possible, please provide a specific link to the answer source.Married Filing Separately and the Mortgage Interest Deduction?
They must split itMarried Filing Separately and the Mortgage Interest Deduction?
sorry to butt in, but i put my follow up answer up this morning....lol at your comment on my last answer:) my question to look up is ';follow up to why govt gives money back for kids eic...';
chek it out and answer...
i dont know about your question here or i would try to answer it. it seems you have some people that know and are giving good advice though.
Here's a similar question with possibly legit references - http://ph.answers.yahoo.com/question/ind鈥?/a>
I don't know the answer to your question. I'm planning to split our interest deduction 3 ways: first in proportion to floor space for the home office and then the rest equally between the two of us.
To split the deduction, you both do indeed need to have your name on the mortgage - http://tax.justanswer.com/tax/o8y-itemiz鈥?/a>
If one of you itemizes to gain the benefit of the deduction, the other also has to itemize and thus loses the benefit of the standard deduction.
If filing separately, It does appear that shuffle around deductions might allow you to work around the AMT. The options here are just unreasonably complex.
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