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Posted by brownie on March 25, 2007, 12:07 pm
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StillWater2...@gmail.com wrote:
> I am planning to file separately for my wife and I. This is
> my first time filing separately. How do I file:
>
> 1. Interest? Accounts is in my name. Some accounts are
> in both names but the 1099-INT only has my name. Can
> I split these interests between my wife and I? If yes,
> how do I report them on the tax form?
>
> 2. Property tax and interest. These accounts are in both of
> our names. Can I split these interests between my wife
> and I? If yes, how do I report them on the tax form?
>
> Are there publications for the IRS itself where I can read
> more on this?
If the investment account is in one name, that individual
reports the earnings on their return.Earnings on a joint
account is considered to be received equally by the spouses
(1/2 each) unless one spouse can show otherwise.
If both spouses are legally responsible for the mortgage and
property taxes then each spouse can deduct the amount they
paid. If the taxes and mortgage interest were paid from a
joint account that both spouses contribute to, both spouses
are considered to have paid equal amounts.
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