The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Deductions||Date: 2/28/2000 3:19 PM|
|Author: pmarti||Number: 30314 of 118615|
<< The deductions are for a mortgage that is in both our names, thus I would assume that either of us can claim it, but not both. Explained to us by a tax preparer. >>
Well, THIS preparer explains it differently. You can't deduct it if you didn't pay it. So, if each of you paid 50% of the mortgage payments, each of you gets 50% of the interest. Borrowing from that bestseller/unread classic, "Tax Planning Doesn't Begin April 14th," I'll point out that if you want to arrange things during the year so that one of you is paying all of it, then one of you could take all the deduction.
<< If they were filing separately, hubby couldn't take his standard ($3600) and my friend itemize? I would also take my standard ($4300) in this case. How would they both itemize if they file separately? >>
What you do on your return doesn't affect theirs (see above). Yes, the law has anitcipated couples who want to put all the itemized deductions on one return and claim standard on the other. That's why it's prohibited. If they file separately and she has all the deductions, his deduction is zero.
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|