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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
There is a simple answer and a complicated answer.
The simple answer is that, because you do not own the home, the entire payment is considered alimony. You can deduct the payment, and your ex-spouse reports the payment as taxable income. Your ex-spouse can then deduct the mortgage interest and property taxes on schedule A as if she paid them directly (and assuming she itemizes her deductions).
This applies if you don't own the house.
However, if the divorce agreement says that she must sell the home and divide the proceeds with you, then the divorce order has made you an owner in fact even if you aren't an owner on paper. In that case, half the payment is a personal payment for your benefit. You can deduct half the property taxes and interest, and half the payment is alimony, and your spouse deducts half the taxes and interest. See Table 4 here https://www.irs.gov/pub/irs-pdf/p504.pdf and you may want to consult a tax professional in your state.
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
- Be legally obligated to pay it.
- Actually pay it.
That's pretty much it.
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
There is a simple answer and a complicated answer.
The simple answer is that, because you do not own the home, the entire payment is considered alimony. You can deduct the payment, and your ex-spouse reports the payment as taxable income. Your ex-spouse can then deduct the mortgage interest and property taxes on schedule A as if she paid them directly (and assuming she itemizes her deductions).
This applies if you don't own the house.
However, if the divorce agreement says that she must sell the home and divide the proceeds with you, then the divorce order has made you an owner in fact even if you aren't an owner on paper. In that case, half the payment is a personal payment for your benefit. You can deduct half the property taxes and interest, and half the payment is alimony, and your spouse deducts half the taxes and interest. See Table 4 here https://www.irs.gov/pub/irs-pdf/p504.pdf and you may want to consult a tax professional in your state.
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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Divorced, my name is on the mortgage but not the deed. I pay the mortgage as part of my alimony, can I claim the interest on the mortgage. My ex-wife's name is on both
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