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My mortgage is only in my name but I am filing married seperaetly. Do I get all of the mortgage interest deduction? how does that work?
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My mortgage is only in my name but I am filing married seperaetly. Do I get all of the mortgage interest deduction? how does that work?
If filing Married Filing Separately, and if your spouse co own your home, you should each deduct the mortgage interest and property taxes you actually paid unless the payments were from a joint account in which case you can divide the expenses in any manner that you agree.
However,Married Filing Joint generally yields a better tax result than Married Filing Separate even if one spouse earns little or no taxable income
Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim a number of deductions and credits:
See Is it better for a married couple to file jointly or separately?
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