My son and I own our primary residence. I plan to claim all the mortgage interest and property taxes on the Federal tax return because he doesnt have enough to itmize. As far as the state taxes (California) we both need to itmize and split the moetgage iterest and taxes. Are we allowed to complete it this way? Would it bring up red flags?
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No, you cannot do that. In order to claim the interest as an itemized expense you must pay it. You can't tell the IRS you paid it, then tell the state he paid it.
If you only paid half of it, then you should only claim half of it.
No, you cannot do that. In order to claim the interest as an itemized expense you must pay it. You can't tell the IRS you paid it, then tell the state he paid it.
If you only paid half of it, then you should only claim half of it.
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