Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<< Since we are both legally liable for the payments, who gets the mortgage interest deduction seems to hinge on _who_ made the payments. In our situation, _we_ made the payments. The payments come out of our joint checking account, that has both of our names on it, and both of our checks are direct-deposited into this account. We even cannot pinpoint one or the other who writes the checks, as our mortgage servicer auto-debits the payment each month.

It seems to me the proper (only?) way to deal with is to split the deduction 50/50. I would like to find out that this isn't true. >>

You could look at deposits to the joint account and divide the expenses based on the ratio of deposits. You don't mention what other expenses are paid from the joint account. I THINK you could make a case that nondeductible expenses were made from your contributions and deductible from hers. (This is off the top of my head, and maybe someone will come along with a more definite answer.)

Phil Marti
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.