MFS and Mortgage Interest/Taxes

The700Level
The700Level Member Posts: 1 Newcomer
in Live Q/A Event

Hello- we are married filing separately (due to wife's student loan situation). We will be itemizing this year because we believe it will be more beneficial than the standard deduction. We have high mortgage interest and real estate taxes for 2024. (We were previously renters in 2023) The payments came from a joint bank account. Should we just split these right down the middle and each claim 50%?

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Best Answer

  • Kellip
    Kellip FreeTaxUSA Agent Posts: 12
    Answer ✓

    If you both are legally obligated for the loan and you are choosing to Itemize then you can split the deductions. Generally you will do this evenly. The following IRS link has great information on this:

    https://www.irs.gov/faqs/itemized-deductions-standard-deduction/other-deduction-questions/other-deduction-questions

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