Reply to Mortgage Interest Tax Deducation

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Depends on where you live. If the account is in your name only and not considered community property under your state laws, then only you can take the deduction. If the account is jointly owned or considered community property, then you would each take half. Same for property taxes.

Will you have enough in deductions to itemize under the new tax bill?[/quote]

Not correct. If you both signed the deed of trust, but only one of you signed the note it is the deed of trust the controls and you both may deduct the amount actually paid by you. Loss of the property is sufficient to enable you to deduct mortgage interest. [/quote]

? No, if they're married filing separately, they can't both deduct the interest. It can only be deducted once, and per the IRS, it gets deducted by the spouse who paid it, if it was paid from a separate account.

Examples, including this one, are outlined here: https://www.irs.gov/publications/p504#en_US_2017_publink1000175845[/quote]

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