Ike and Tina were married in 2001 and shortly thereafter purchased a home for $1
ID: 2452073 • Letter: I
Question
Ike and Tina were married in 2001 and shortly thereafter purchased a home for $1,000,000, taking out a $750,000 mortgage. They did not have any children. In 2015, Ike and Tina divorced. The divorce decree gave sole possession and ownership of the house to Ike. Tina moved out and purchased another residence. However, Tina was required to continue making the mortgage payments and pay the property taxes as part of her obligation for spousal support. The amount of mortgage interest paid in 2015 was $30,000 and the property tax she paid was $10,000.
Consider mortgage interest and property tax are qualify as alimony. How to caclute the tax deduction under alimony.
Explanation / Answer
Answer: Tax deduction =30000+10000=40000
Because alimony is allowed as deduction. and both the expenses are qualify as alimony .