AARP Foundation Tax Aide Frequently Asked Questions Itemized and S
AARP Foundation Tax-Aide - Frequently Asked Questions - Itemized and S...
A: No. Gifts to individuals are not deductible as charitable contributions. Only amounts contributed to qualified organizations, such as nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals are tax deductible.
Q: How are deductions handled when married persons file separate returns? Most of the expenses come out of a joint account; must they be split in half?
A: Expenses paid out of a joint account are assumed to be equally split unless there is evidence presented that the actual ownership of the funds differs from the title on the account.
If you file married filing separate and one person itemizes, the other must also itemize.
Q: I was not able to itemize my mortgage interest last year since I didn't have enough deductions to itemize. Can I add this interest to this year's amount and deduct them both?
A: No, you cannot deduct last year's mortgage-interest expense this year. Itemized deductions for any tax year can only reflect payments you made in that year.
Q: My husband and I have a mortgage on our home, an RV, and a time-share. I was wondering if we can claim the interest we paid on all three of these as deductions.
A: Mortgage interest is deductible on your primary residence and on a second home. The loans must be secured by those properties. Though under certain circumstances, mortgage interest is deductible on certain types of time-shares, you are limited to first and second homes in your deduction. Of course, you must itemize your deductions on Schedule A to claim this deduction.
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Frequently Asked Questions - Itemized and Standard Deductions
Q: If I were to make a gift of money to a friend or family member in financial difficulties, would I be able to declare it as a charitable gift on my tax return?A: No. Gifts to individuals are not deductible as charitable contributions. Only amounts contributed to qualified organizations, such as nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals are tax deductible.
Q: How are deductions handled when married persons file separate returns? Most of the expenses come out of a joint account; must they be split in half?
A: Expenses paid out of a joint account are assumed to be equally split unless there is evidence presented that the actual ownership of the funds differs from the title on the account.
If you file married filing separate and one person itemizes, the other must also itemize.
Q: I was not able to itemize my mortgage interest last year since I didn't have enough deductions to itemize. Can I add this interest to this year's amount and deduct them both?
A: No, you cannot deduct last year's mortgage-interest expense this year. Itemized deductions for any tax year can only reflect payments you made in that year.
Q: My husband and I have a mortgage on our home, an RV, and a time-share. I was wondering if we can claim the interest we paid on all three of these as deductions.
A: Mortgage interest is deductible on your primary residence and on a second home. The loans must be secured by those properties. Though under certain circumstances, mortgage interest is deductible on certain types of time-shares, you are limited to first and second homes in your deduction. Of course, you must itemize your deductions on Schedule A to claim this deduction.
Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures