Legal Question in Tax Law in California
Im confused
I sold my house last year 3/2004 and split the equity with my wife for whom I am legally seperated from. I received a www form for the 2004 total interest applied in 2004---It states the mortgage interest recieved from payers or borrowers was 5,508.17 --No points --refund of overpaid interest in 0 Im not sure what this is what what it is I need to do with it?
1 Answer from Attorneys
Re: Im confused
This question cannot be answered completely or corrrectly without reviewing the documents involved.
It appears that you have received a standard form reporting interest paid in 2004 on the mortgage. Normally this is an itemized deduction.
Without more facts it is not possible to determine how to use this deduction on your tax return, your wife's tax return or both (or on a joint tax return).
You should consult your regular tax return preparer regarding this question.
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