DaveF1006
Expert Alumni

Investors & landlords

If you do not live in a community property state, you can allocate all those things you mentioned above anyway you wish, as long as your spouse agrees. You may also allocate the mortgage interest to yourself if you wish. The only time the rules are stringent if you live in a community property state.

 

Keep in mind though, if you itemize, your spouse must itemize also.  This may make an attractive return for you but your spouse may end owing taxes especially if they claim the dividend and capital gains income.

 

 

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