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We are RDP who refied our home last year and need to know how if we divide the amount paid for the loan and points on our individual taxes?

Forum|Forum|7 years ago
June 5, 2019
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We own the home jointly.

TurboTax Premier Windows

Best answer by JulieR

Yes, you can divide the loan costs, including points, between each other so long as you are both on the loan. However, with the increase in the Standard Deduction this year ($12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and $18,000 for heads of household), you may want to consider whether or not it is more beneficial to claim the Standard Deduction rather than itemizing these expenses on Schedule A of your return.

J

JulieRAnswer

Yes, you can divide the loan costs, including points, between each other so long as you are both on the loan. However, with the increase in the Standard Deduction this year ($12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and $18,000 for heads of household), you may want to consider whether or not it is more beneficial to claim the Standard Deduction rather than itemizing these expenses on Schedule A of your return.