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Author: RBMunkin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Joint 1098 for mortgage income Date: 1/27/2013 12:37 PM
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Good day to all :)
If two people who co-own a house and are not married, normally they would split the deductions for mortgage interest, right? Can one take it all instead of splitting it, since for one it won't help due to low income?
Thanks,
RB
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 117558 of 121114
Subject: Re: Joint 1098 for mortgage income Date: 1/27/2013 12:55 PM
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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.

Phil
Rule Your Retirement Home Fool

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Author: RBMunkin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 117562 of 121114
Subject: Re: Joint 1098 for mortgage income Date: 1/27/2013 5:14 PM
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Thanks Phil!

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