In Phoenix, Arizona. My girlfriend and I (unmarried) currently split our mortgage 50/50. She makes about 125k per year and I make 85k per year. Last year we split the mortgage tax deduction from form 1098 down the middle. She was told by her boss that it would benefit both parties more if one person claimed the entire thing. Basically, one person would claim the entire deduction one year, and the next person would claim the entire thing the following year. I'm not sure how her boss came up with this information, and if true, if it is based on our individual tax brackets and other deductions. Can someone shed light on whether or not this is true and why? If it is true, how might I perform the calculation? We'd like to know how each party might benefit before our taxes are filed so we can make an informed decision. Thank you!
Edit: Form 1098 has both of our names on it. We took out the mortgage together.
Submitted January 14, 2017 at 10:52AM by ScubaCaribe http://ift.tt/2jiQKJ6
