Discussion:How to split mortgage interest paid?
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Discussion Forum Index --> Advanced Tax Questions --> How to split mortgage interest paid?
Discussion Forum Index --> Tax Questions --> How to split mortgage interest paid?
Murphyqu03 (talk|edits) said: | 5 November 2009 |
| I have a client that will file married filing separate. They pay mortgage interest from a joint account, however the account is completely funded by her spouse.
She would like to claim some of the mortgage interest on her return, but her spouse wants to claim all of it on his. I know Pub 936 says you can deduct it if you're "legally liable" for the loan, which my client is, however I am unclear as to whether she is allowed a deduction because technically the payment is from the spouse's money. Does it change because it comes from a joint account? i.e, could my client take half the interest and only allow the spouse only the other half? | |
Murphyqu03 (talk|edits) said: | 5 November 2009 |
| No | |
| 5 November 2009 | |
| Then the spouse that did not provide the funds to pay the interest should not deduct it. | |
RoyDaleOne (talk|edits) said: | 5 November 2009 |
| Barbara S. Finney v. Commissioner, John W. Finney v. Commissioner, U.S. Tax Court, CCH Dec. 34,074(M), T.C. Memo. 34,074(M), 35 T.C.M. 1504, T.C. Memo. 1976-329, (Oct. 28, 1976) | |
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