Claiming mortgage interest after divorce?

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Divorce was final on 12-13-07 but mediation agreement was signed and binding in August 07. We owned two houses and both are still in our name. The mediation agreement gives one house to me and one to her. We are in the process of refinancing and doing the quick claim deeds. I moved out in Feb 07 but none of the finances were separated until Aug 07 after the mediation agreement. I basically paid 90% of the bills up until Aug. Who and how much mortgage interest can each of us claim on taxes for the two homes and a home equity loan? BTW..this is for reference only, a tax professional will do the taxes.

  1. Reply
    May 3, 2011 at 6:24 am

    You can work it out however you want between the two of you, but you should probably base the split of the tax based on who payed the mortages. If you paid 100% of one and 50% of the other, take 100% of the one you paid completely and 50% of the one you paid half of. Thats probably the best and most fair way to do it, but you should also work it out with your ex. Many spouses work out the same thing with Mortgage interest, claiming dependents, one takes them one year, one takes them the next, but you should probably split it based on who paid them.

  2. Reply
    May 3, 2011 at 7:03 am

    Legally, you can each take a deduction for what you actually paid.

  3. Reply
    v b
    May 3, 2011 at 8:01 am

    Use the chart in publication 504 to guide you.

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