Hello,
First thing you need to consider is if itemizing is going to be beneficial to you.
The standard deduction for 2022 filing single is $12,950
In order to be beneficial your itemized deductions would need to exceed that amount.
If you split the interest and taxes it may not be enough for either of you to itemize
Itemized deductions include a range of expenses that are only deductible when you choose to itemize. Common expenses include:
- Mortgage interest you pay on up to two homes
- Your state and local income or sales taxes
- Property taxes
- Medical and dental expenses that exceed 7.5% of your adjusted gross income
- Charitable donations
The limit on state and local income taxes,sales tax and property tax is $10,000 deduction.
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