Friday, April 30, 2010

How or should we split mortgage int. and R.E. tax deduction...?

Is it OK for me to claim 100% of these deductions while my partner claims the standard deduction, (we've owned the house since August) or do we each need to claim a portion, even though I earn twice as much. Just trying to maximize our returns...How or should we split mortgage int. and R.E. tax deduction...?
You can only claim what you actually paid. Either of you can itemize or not, it's your individual choice.





If you itemize, see the instructions for Schedule A for the additional documentation that you'll both need to attach to your tax returns. You won't be able to e-file in this case; you'll have to mail in your tax return.How or should we split mortgage int. and R.E. tax deduction...?
do the math on paper then decide
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