Are you itemizing your returns? If one does, you both have to as the other one cannot take the standard deduction.
If you are both going to itemize, then you can split the 1098 between the 2 of you.
Itemized expenses include mortgage interest, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your mortgage interest.
The 2023 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
Blind or over 65 and MFJ or MFS add $1,500
Single or HOH if blind or over 65 add $1,850
Standard versus Itemized Deduction
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