topic mortgage and property tax deduction claim in Deductions & credits

mortgage and property tax deduction claim

shaleymoto55 — Wed, 31 Mar 2021 18:29:09 GMT

can claim be split in different percentage, not 50/50?

Re: mortgage and property tax deduction claim

Mike9241 — Wed, 31 Mar 2021 18:38:20 GMT

clarify: who paid them - you, the other party, or from a joint account. do you live in a community property state?

who owns the property? if one is a nonowner, do they pay expenses for the property such as repairs, maintenance, insurance, utilities, and of course the mortgage and taxes?

Re: mortgage and property tax deduction claim

shaleymoto55 — Wed, 31 Mar 2021 18:42:45 GMT

Son and daughter bought the house and both are on mortgage and both share all expenses as well as loan payments equally. However, this year, while preparing taxes, son now falls out of standard deduction category with claiming half of the interest and tax deduction with his higher income and is subject to AMT(?) If daughter can claim more of a percentage of the deduction, perhaps both will still be able to claim standard deduction to their benefit. Is this better for them tax-wise?

Re: mortgage and property tax deduction claim

TomD8 — Wed, 31 Mar 2021 19:48:04 GMT

Per the IRS, in order to deduct property taxes and mortgage interest you generally must be legally obligated to pay the expense and must have paid the expense during the year.

https://www.irs.gov/faqs/itemized-deductions-standard-deduction/other-deduction-questions/other-deduction-questions-2

Note: If the expenses were paid out of a joint account, you can generally split the deduction any way you want - since there is no way to determine whose dollars were used.