TaxCut asks whose interest it is, but doesn't ask about capital gains.
On a joint return does it matter whose interest it is? Is interest somehow different in this regard than capital gains?
Does it matter if it is my or spouse's income
Dec 15, 2008
2 Replies
Only if you think you might split this happily married couple filing MFJ into two individuals filing MFS, something I often do every tax season.
It might also matter if you are elderly and are taking some "retirement income exclusion" that your state might offer. In some cases the state allows the income exclusion, in whole or in part, to be set against interest, dividends and the like, in addition to retirement and other income.
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