We are joint owners of the home and all expenses come out of a joint account.
Yes. That is smart tax planning.
In case of an audit, the person claiming the itemized deductions may have to prove he/she paid the expenses. At a minimum, you need to show that you deposited sufficient funds into the joint account to cover those expenses. Better proof would be if you paid from separate accounts
Yes. That is smart tax planning.
In case of an audit, the person claiming the itemized deductions may have to prove he/she paid the expenses. At a minimum, you need to show that you deposited sufficient funds into the joint account to cover those expenses. Better proof would be if you paid from separate accounts
NO! If you file separate returns both spouses have to file the same way--either both itemize or both take standard deduction.
That's only for filing Married filing separately. They are not married.
So if I am reading this correctly If I can prove that I put sufficient funds into the joint account to cover the mortgage expenses then I should be okay in the case of an audit correct? I would be the one claiming the deductions and my social security number is the one on the 1098 form. My income is also a fair amount higher than my fiance's so the amount that we each put into the joint account is disproportionate.