AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Question Hi, Just a quick question on mortgage interest. If my husband and I file separately, can we split the mortgage interest deductions? It is in both our names. If not, how is it determined as to which of us get to deduct it. We both have to itemize.
thanks so much!
-Eileen Casey
Answer Eileen,
Thanks for your question.
Normally, it is simply divided between the two of you. It is acceptable, however, to split it based on your relative incomes. For example if you earn $60,000 and your husband earns $40,000, you can split the deduction 60-40.
