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rcorwin
New Member

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

Turbo Tax tells me that we can only use 2 mortgages for deductions.  We have 4.

Can we do it to get more back?  If so how can we do it without putting all the info in Turbo Tax again?

1 Best answer

Accepted Solutions
Opus 17
Level 15

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

That strategy is specifically disallowed in publication 936.

Separate returns.

If you're married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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4 Replies
Critter
Level 15

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

You can take mortgages on 2 houses  ... so if they are on just 2 houses you can add them all together and enter them as one.
Opus 17
Level 15

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

No, that is specifically disallowed.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Critter
Level 15

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

If they have a first & second mortgage on each property  or the mortgage's changed banks during the year then they still have mortgages on only 2 houses  which are deductible aren't they ?   Of course they are subject to the limitations for acquisition & HELOC debts.
Opus 17
Level 15

Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

That strategy is specifically disallowed in publication 936.

Separate returns.

If you're married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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