Can my fiance and I arrange it so that one person itemizes and claims all of the home expenses while the other takes the standard deduction. We pay from a joint account.
We are joint owners of the home and all expenses come out of a joint account.
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
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