@Critter-3 wrote:
Here is the rub ... splitting the itemized deductions usually will not work so one person should claim all of the mortgage interest, PMI if any and RE taxes as itemized deductions and the other use the standard deduction.
The higher wage earner will get the best bang for the buck and they should pay the entire bill out of their checking account or a joint account just incase the IRS asks. Of course you can compare all the options before you file ... by using one of the Downloaded versions you will have that ability to do some what if scenarios.
I disagree in part.
If you are not legally married, then your only option is to deduct the expenses according to what you actually pay. I believe the ability to split the deduction at will only applies to spouses.
It is true that in many cases, splitting the itemized deduction will give a less than full benefit to both taxpayers. The solution is to divide the expenses when you actually pay them, so that one person can fully deduct them. If possible, one person could pay all the mortgage, and claim the interest and property tax deduction, and the other owner could pay for insurance, food, utilities, and so on. If you actually split the mortgage, and are not married, I think you have to split the expense even if it disadvantages you.
