Archive for the ‘mortgage interest calculator’ tag
Mortgage Interest
Can my spouse claim mortgage interest on his taxes if its under my name?
Married filing separately. His income is higher, then he can claim the mortgage interest instead of me if it's under my name when we are married? He is co-owner of the home, but the mortgage is under my name alone.
If he is part owner of the home and legally responsible for the mortgage, he can deduct interest payments and property taxes actually paid by him or paid out of his earnings. If you are in a community property state, the amount he can deduct is normally 50% of the mortgage and property taxes. Richard C Master Tax Advisor HR Block This advice is based on the law in force at the time it was written when it comes to the reality of you. See my profile for more information.