The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Joint 1098 for mortgage income Date:  1/27/2013  12:55 PM
Author:  TMFPMarti Number:  117558 of 127613

If two people who co-own a house and are not married, normally they would split the deductions for mortgage interest, right?

Not necessarily. Leaving out all the fine print, to deduct it you have to be liable for it and pay it.

Can one take it all instead of splitting it, since for one it won't help due to low income?

For 2012 they're stuck with what they did. Going forward it makes sense to arrange things so that the person who will itemize pays the mortgage while the other pays nondeductible things like utilities, food, repairs, etc.

Rule Your Retirement Home Fool
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us