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Q. Can we choose who takes the interest deduction?
A. Simple answer: yes.
Q. Based on our incomes and other deductions, it would be most advantageous for me to claim the entire mortgage interest deduction and her to take the standard deduction. Is this permissible?
A. Yes. And that is exactly the smart way to do it. But document your activity.
Q. Is this likely to raise any red flags, given that she is listed first on the mortgage and the 1098?
A. Yes. That's why you need to document. Paying from your account is the most important documentation.
Unmarried couples claiming mortgage interest.
You pretty much have a choice. One can claim it all or you can split it. It's usually best if only one claims it, allowing the other to use the standard deduction.
You have to meet the rules, which are:
Q. Can we choose who takes the interest deduction?
A. Simple answer: yes.
Q. Based on our incomes and other deductions, it would be most advantageous for me to claim the entire mortgage interest deduction and her to take the standard deduction. Is this permissible?
A. Yes. And that is exactly the smart way to do it. But document your activity.
Q. Is this likely to raise any red flags, given that she is listed first on the mortgage and the 1098?
A. Yes. That's why you need to document. Paying from your account is the most important documentation.
Unmarried couples claiming mortgage interest.
You pretty much have a choice. One can claim it all or you can split it. It's usually best if only one claims it, allowing the other to use the standard deduction.
You have to meet the rules, which are:
Thanks so much for the great answer! What kind of documentation should I include on my tax return to show that I paid the mortgage interest? Turbotax created an attached statement on my return with the name and address of my partner (the person listed first on the 1098). What additional information would be necessary/helpful to include in order to show that I was the one who made the mortgage payments from my bank account?
Q. What kind of documentation should I include on my tax return to show that I paid the mortgage interest?
A. None.
Save your documentation, including the TT worksheet in case (unlikely) you are ever questioned by the IRS
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