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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I had a disagreement with my mortgage holder. We were forced

Customer Question

I had a disagreement with my mortgage holder. We were forced into foreclosure. We finally settled, and I paid 84000 of interest in one year. How do I claim this large amount?
Also, my daughter graduated in May of 2015 from college. She went to work on August 4, 2015. If I claim her as a dependent how do we treat her income.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

That makes no difference - for the mortgage interest - you woudl receive a reporting form 1098 - and assuming otherwise that interest qualifies for deduction - you will claim it on schedule A.
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For tax deduction purposes - your daughter is classified as a full time student for the tax year if she was a full time student at least five months.

So far - your daughter was a full time student for 2015.

Expert:  Lev replied 1 year ago.

Assuming all other requirements are met - and you may claim your daughter as a dependent - you do NOT include her income into your tax return.

Your daughter will file her own tax return - but will mark on that tax return that she is a dependent.

As she will likely use form 1040EZ

https://www.irs.gov/pub/irs-pdf/f1040ez.pdf

see line 5 - If someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back.

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