Tuesday, February 2, 2010

How do my partner and I split the mortgage interest and property tax deduction..?

I make nearly twice as much and we pay bills out of a joint account. Would 50/50 raise flags, or should the person making more claim the larger share (and is that smarter return wise). Thanks-How do my partner and I split the mortgage interest and property tax deduction..?
try it out in multiple different ways and see ...





any method that is reasonably defensible is ok -- in proportion to income, takehome pay, funds put into the joint account, etc. -- as long as you document your reason.How do my partner and I split the mortgage interest and property tax deduction..?
However you agree upon. Be wise to put your agreement in writing. You presumably each have an undivided 1/2 interest in home. But if contributions are unequal, then you should have some written agreement you can use for tax purposes of allocating payments and in case you ever separate and need to divide the property. Better for you to argue it out now, then to have divorce attorneys for whom you pay tons do it later.
You could take turns on a yearly basis.

No comments:

Post a Comment