Posted on: 14th Sep, 2010 02:22 pm
i gave quit claim deed to my ex after divorce, but the loan and 1098 is still in both of our names. she pays the monthly payments.
who has got to claim the interest deduction? property tax?
one online tax expert says that whoever pays the bill gets to claim 100%. my tax advisor says to take 50% of the interest as deduction. could not find anything definite in irs publications.
if you know the answer - would you please reply with the source of your information: tax code, court case etc.
thank you!
who has got to claim the interest deduction? property tax?
one online tax expert says that whoever pays the bill gets to claim 100%. my tax advisor says to take 50% of the interest as deduction. could not find anything definite in irs publications.
if you know the answer - would you please reply with the source of your information: tax code, court case etc.
thank you!
Hi zlyuba,
As far as I know, your ex is paying the mortgage payments and her name is on the mortgage docs, she will be able to claim the interest deductions. But as your name is mentioned in the mortgage docs, you will also be able to claim the deductions to some extent. You can contact your tax adviser and he will be able to let you know with the tax code, etc. It is your ex who will be liable for paying the property taxes as her name is on the property deed.
Thanks
As far as I know, your ex is paying the mortgage payments and her name is on the mortgage docs, she will be able to claim the interest deductions. But as your name is mentioned in the mortgage docs, you will also be able to claim the deductions to some extent. You can contact your tax adviser and he will be able to let you know with the tax code, etc. It is your ex who will be liable for paying the property taxes as her name is on the property deed.
Thanks