Stuart A. Bronstein wrote:

- quote -

More than "might be able", she's expected to (for qualifying business
use of home).


- quote -

Depreciation allowed or allowable, it adds up all the same.


-Mark Bole

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Mike <mguz[at]comcast.net> wrote:

- quote -

Do you mean, can you write off the entire mortgage interest from your
taxes, and she deducts it again as a business expense? No, you can't
both write off the same expense, in effect writting it off twice.

- quote -

She might be able to take a small part of the interest as a business
expense - based on the percentage of the house she uses solely and
exclusively for business. But not any part of the interest that you
take.

She might be able to take a bit of depreciation on the house, but it
probably won't add up to a lot. If, for example, she uses one-quarter
of the house exclusively for her office, she'll be able to deduct about
1/240th of the original cost of the house to you each year.

Stu

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Mike wrote:

- quote -

Sounds like a software issue. Try to override the deduction you don't
want to apply, in the place where you don't want it to apply.

The person who deducts mortgage interest not reported to that person on
a 1098, should indicate so on the tax return.

I don't know of any tax software that applies consistency rules across a
virtual MFJ/MFS return which is composed of two separate,
filing-status-single (S) returns. Nevertheless, thou shalt not
double-deduct (except in certain limited circumstances embedded in the
tax law..)

-Mark Bole

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Mike wrote:
....
- quote -

Again, at most as a fraction of the house that is _DEDICATED_ to the
business which one would presume is a fairly small percentage. So, it
wouldn't seem advantageous.

- quote -


But you can't claim the same fraction she's claimed nor can she claim
even a valid fraction of it as business expense if you've claimed the
whole enchilada as personal deduction.

--

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On Tue, 17 Mar 2009 04:27:45 EDT, Mark Bole <makbo[at]pacbell.net> wrote:

- quote -

The question is can she claim the mortgage interest as a business
expense and not claim it as a normal mortgage interest deduction
(because I want to claim it as a normal mortgage interest deduction
and I cannot claim it as a home business expense - I have the higher
tax rate.)
I assume we can split the mortgage interest deduction for our home
anyway we want but only she can take the business expense. When we
put the mortgage interest in the home office expense in TurboTax for
her return, it automatically ALSO put it in the mortgage interest for
your home deduction. Home is in both names, joint accounts etc.

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On Mar 17, 7:25 am, "Stuart A. Bronstein" <spamt...[at]lexregia.comwrote:

- quote -

Its important to have a written contract to describe the
arrangement on an unequal partnership. This is import for
an IRS audit and if a dispute arises later.
Most important are the clauses for when something goes
wrong like a breakup, job loss, death, etc.

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"Paul Thomas, CPA" <paulthomascpapc[at]bellsouth.net> wrote:
- quote -

Good points. In the end, however, partnerships (which this is though
that's not what it's called) are allowed to allocate income and
deductions in a way that is different than percentage ownership as long
as it reflects economic reality. If there are two owners and one makes
the entire mortgage payment, I don't see why the payer can't take the
entire interest deduction.

Stu

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Mike wrote:
- quote -

I thought your were claiming all of it due to higher savings? How is
her claiming any of it going to help (maybe she is self-employed and the
self-employment tax effect surpasses your higher bracket)?

BTW, how long has she had the home office? Should she have been
deducting it all along as an allowable business expense, including
depreciation?

-Mark Bole

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <vpbtr4htp19ib7a1li6u52nt7m90fu80gu[at]4ax.com> ,
Mike <mguz[at]comcast.net> wrote:
- quote -


If she paid it she can deduct it. If she paid none of it, she
should not deduct any part of it.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

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"anne watson" <anneb3[at]mindspring.com> wrote
- quote -





There is not "gimmie" here. You can only take the deduction if you owe the
debt AND you paid it. Your name could be on dozens of mortgages, but if you
didn't make any payments, you can't take any deduction. Only the person or
persons who paid the mortgage - and owes the debt - can take the mortgage
related expenses. A parent can, and often does, cosign on the mortgage and
gets listed on the home as purchaser with the child. If the child makes all
the payments, only the child get to claim the deduction.

So unless they are both on the note, and they split the payments equally,
then only the person who paid it can take the deduction. And it will come
down to looking at canceled checks if it needs to.





--
Paul Thomas, CPA
Watkinsville, Georgia

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"Mike" <mguz[at]comcast.net> wrote in message
news:vpbtr4htp19ib7a1li6u52nt7m90fu80gu[at]4ax.com...
- quote -


If both names are on the deed, then each owner is entitled to claim 1/2 of
the mortgage insurance . Better do some more reading before 1 party claims
all the interest.

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in article vpbtr4htp19ib7a1li6u52nt7m90fu80gu[at]4ax.com, Mike at
mguz[at]comcast.net wrote on 3/16/09 4:46 PM:

- quote -

whatever you want as long as you paid that much. If you have a joint
checking account, then you can split it up any way you like.

You figure the percentage of the house that her office occupies and that is
the percentage of the mortgage interest she can deduct, interest only, not
principal payments. The rest can go to yours and her Schedules A. You can
divide it up but you can't double count it.

Uncompensated advice guaranteed correct or double your money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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My girlfriend and I own our home together.
I claim all of the mortgage interest on my return because of the
higher savings.
She, however, has a home office. Can she deduct the mortgage interest
as part of her home office expense if she does not claim it as a
regular mortgage interest deduction?

Thanks.

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