Using Mortage Interest For Tax Break

[bobo60]

What is the name of your state? NC

hello,

i am on a fixed income. i own a house with someone. i pay half the mortage each month.
i am not required to file income tax because of my low income. she works and files income taxes, and uses the interest from the mortage on her taxes, which i beleive puts he in a lower tax bracket. can i use the interest on my return? or wouldnt it make a difference since i dont have to file as it is? would i get a refund if i did use it on my federal return? we paid alittle over $12000 interest last year!

bob

 

[LdiJ]

What is the name of your state? NC

hello,

i am on a fixed income. i own a house with someone. i pay half the mortage each month.
i am not required to file income tax because of my low income. she works and files income taxes, and uses the interest from the mortage on her taxes, which i beleive puts he in a lower tax bracket. can i use the interest on my return? or wouldnt it make a difference since i dont have to file as it is? would i get a refund if i did use it on my federal return? we paid alittle over $12000 interest last year!

bob

If you are currently not required to file a tax return, then there would be no point in you claiing the interest because its a deduction from income, and you don't have any income to deduct it from.

However, this year you will probably want to file a tax return anyway. You would be eligible for the tax rebate (the 300.00 one) if you file a return, and you won't be eligible if you do not.

 

[bobo60]

LDIJ

thanks for the info. i thought that was the case. i already filed my federal income tax return. do i also need to file my state return too? i usually file my federal return each year, even tho i dont have to, because i get the EIC from the federal each year, because i receive benefits from an insurance company that are taxable...bob

 

[LdiJ]

LDIJ

thanks for the info. i thought that was the case. i already filed my federal income tax return. do i also need to file my state return too? i usually file my federal return each year, even tho i dont have to, because i get the EIC from the federal each year, because i receive benefits from an insurance company that are taxable...bob

You only need to file a state tax return if you have enough state taxable income to be required to do so. It won't have any impact on the federal stimulus payments.