"John D. Goulden" <jgoulden[at]okcu.edu> wrote:

- quote -

I'm going to assume that the divorce will be final in 2006
and that by "next year" you're talking about your 2006
returns.

- quote -

Piece o' cake. Just follow the Schedule A instructions for
claiming interest that isn't reported on a 1098.

This assumes that you're in agreement on how to split it.
How to memorialize that agreement is a question for your
divorce lawyers.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"John D. Goulden" <jgoulden[at]okcu.edu> wrote

- quote -

If both of you are liable for the mortgage payments, and
both of you made the mortgage payments, then you can split
the mortgage interest and property taxes (if paid through
escrow) accordingly.

Keep good records on this up front, because only one of you
will get the 1098 reporting all the mortgage interest, and
the other won't. So get that person a copy of the 1098 for
their records.

Plan on having the IRS contact that person about the
mortgage interest deductions they claimed, because there
won't be any 1098 with their name on it that they see.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Alas, my spouse and I are divorcing and this is a
tax-related divorce question, so I hope it isn't off topic
for the group. We are trying to get all of our ducks in a
row and work out an agreeable plan for the division of our
assets to present to her lawyer, who we hope will do nothing
more (and charge for nothing more) than guide us through the
system. Here's one that stumps us: She will retain the
house. We will both itemize next year and the interest on
the house payments is enough to be worth looking at. The way
we figure it, the first six months interest paid in 2006 is
a joint asset - that is, we should each be able to deduct
half of that on our taxes next year. How does one go about
doing this without causing the IRS to go into a fit? Does it
get written into the divorce decree? The state is OK, if
that matters.

--
John D. Goulden

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >