Legal Question in Credit and Debt Law in California
Can spouse take the entire house deduction on his taxes
My boyfriend and I purchased a home in July 2001 and will be getting married before the end of the year. Since the IRS withholds my tax refunds to repay my student loan that was in default, can I let my boyfriend deduct all the interest on our house? If we get married, will the IRS assume that half of the deductible interest amount should have been applied to my taxes and take half of any tax refund myn spouse may have coming? Does it make a difference if we are married or not?
1 Answer from Attorneys
Re: Can spouse take the entire house deduction on his taxes
I recently researched this for a client, and I can tell you that the IRS (and there is an IRS publication on this very subject) leaves it up to the individual who paid the interest or points to deduct the taxes.
Practically, you will receive a 1099 with the interest you have paid in the name of the person or persons having the loan. The IRS also allows you to split the interest paid between the two of you, so you can deduct half of the interest each between you, or 75% / 25%, whatever your agreement was.
If you would like the specific law, please email me or call me at 714-568-1560. Thanks.
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