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Marriage means you share deductions
Dear Tax Talk:
My husband and I were married in May 2002, but he has been living
in my home since May 2001. He sold his own residence, (divorce from
first wife) in January 2002.
The mortgage is in my name, but he and I pay the mortgage
jointly. I do not have any income to claim because my only income
is child support. My question is if he can deduct the interest from
the mortgage on our joint tax return without his name on the mortgage?
Anna
Dear Anna:
You seemed to be confused about what it means to be married. When
you got married what was yours is now his and vice versa, at least
for income tax. For 2002, you'll complete a joint income tax return
even though only he had income. His income, in effect, is your joint
income. You'll also deduct home mortgage interest jointly even though
he is not on the mortgage.
You child support continues to be tax-free. If you're
entitled to claim your children as your dependents, you'll do the
same on the joint return. If your children are under age 17, you'll
also get the child credit of $600.
-- Posted: Dec. 17, 2002
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