Ask Experts Questions for FREE Help !
Ask
    iamcao's Avatar
    iamcao Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 19, 2010, 11:34 AM
    I make more income than my girlfriend, who should claim the mortgage interest?
    My girlfriend and I own a home together. I made $65k while my girlfriend made $56k. She receives rental property income of $10k a year. Who would benefit more from claiming the mortgage interest on our home?
    XTC832's Avatar
    XTC832 Posts: 60, Reputation: 6
    Junior Member
    		  
    #2

    Jan 21, 2010, 02:14 PM
    It's a little hard to say who would benefit more only because you didn't mention any other financial info. I'm assuming you and your girlfriend probably have other deductions, adjustments to income, credits, etc. that aren't listed here. Either one of you could conceivably do better than the other by claiming it. For some people, a bigger benefit means a bigger refund. For others, it means paying less taxes. Just run the numbers both ways and compare the results to what you both are looking for. Take care.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can I claim mortgage interest as a secondary loan holder? [ 1 Answers ]

I am a secondary loan holder a home purchased with a friend. We agreed that I would claim the interest on the loan this year, but the statement only has my friend's SSN on it. My name does appear below his. Can I claim the interest if he doesn't even though my SSN is not on the form?

Is it best to pay off a mortgage or get a tax break on the mortgage interest payment? [ 2 Answers ]

I have a 4.75% mortgage rate. Would it be best just to pay off the loan?

Claim home mortgage interest paid to a foreign banker [ 1 Answers ]

Dear Intl Tax Expert and Visa Taxes, Thank you very much for your valuable advise. From the above discussion, I understood that, to claim the home mortgage interest paid to a foreign banker, we need to fill a form 1042 and pay 30% of the mortgage interest paid to the foreign banker right? ...

Who can Claim Mortgage interest on taxes [ 3 Answers ]

Who can Claim Mortgage interest on taxes. I have paid my mothers mortgage (principal and interest) all year. Can I claim the mortgage interest I paid even though my name is not on Loan? Kind Regards, Joe

Income Tax on Social Security & Interest Income [ 1 Answers ]

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...

View more questions Search