Today TaxMama® hears from bhusler28 in the TaxQuips Forum with a good question. “I recently got divorced. Right now the deed is in my name, but the loan is in both my ex-husband’s name and my name.
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When we file our taxes, we are unsure as to who gets to claim the taxes from the property, school and what not. I have been paying on the house myself since February 2012.”
Congratulations on your divorce. I hope this opens you up to some wonderful experiences.
As to who gets to take the deductions?
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ONLY the person who has been making the payments.
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So, if you have been paying everything since February, you get all those payments.
If he made the payment in January, he gets that payment. If the January payments were made from joint funds, you each get half.
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This applies to the mortgage interest, property taxes and PMI (if applicable). The PMI (private mortgage insurance) deduction was restored retroactively to January 1st of 2012 in the recently passed legislation.
And remember, you can find answers to all kinds of questions about deduction splits and other tax and business issues, free. Where? Where else? At www.TaxMama.com.
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com link – it’s free!]
Please post all Comments and Replies in the new TaxQuips Forum .