Is your question about how to "divide" the property tax and / or mortgage interest deduction on a
home that you still legally co-own with your spouse, for income tax filing
purposes? Or is it instead about something else? We can certainly address the former question with the following answer; but if the latter is true, then we would request that you please post some additional information about what you are asking, exactly, so that we may further assist you.
Assuming,
though, that you are in fact wanting to know about how to incorporate your
property taxes paid, or mortgage interest information, into your income tax return, then the
following rules apply:
When a property is jointly
owned by more than one individual, the IRS tells us the following:
- For unmarried
couples and unrelated individuals, each taxpayer can only claim the
portion of any expenses, such as mortgage interest or real estate taxes,
that they actually paid
- For a married
couple filing separate returns, they can chose to allocate real estate
taxes and mortgage interest expenses between themselves, in any manner
they choose.
So, in your case, and as long as your spouse is in agreement, then you can split the tax benefits (deductions) related to home ownership between you in any manner you wish. You could do 50% and 50%; or you could do 100% and 0%. It's really up to the two of you. However, there is one restriction: the sum of the amounts that each of you may claim on separate tax returns must equal up to the total amount paid. In other words the equation A + B = C must be maintained.
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