pk
Level 15
Level 15

Get your taxes done using TurboTax

@mjmoorman  from your post it appears that because you are on the title, you can indeed  can claim the property tax deduction ( either all or partly).  However, the mortgage interest deduction requires  you to be liable for the loan and you are already claiming the  interest you are paying on the refi amount.  So I don't believe you can do that ( unless you are on the loan doc of the new place ).

 

But what worries me  (perhaps needlessly ) is a statement that you made that  about  using itemized deduction  because you are self-employed.  Are you saying that  you are having a lot of deductions  because of the business / self-employment?  Self-employment  is reported on Schedule C  where you recognize  your gross income, all allowable expenses associated with  this  income stream and are taxed on the net income.  Also you pay Self-Employment Tax at 15.3% on the net   ( computed on Schedule-SE -- equivalent to FICA taxes  for the  employed earners).  I hope that I am wrong  in my worry.

 

Please let me know i you need more on this.