Question

Second marriage and I do not qualify for his tax deductions on the home

Forum|Forum|6 years ago
April 27, 2020
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TurboTax Self Employed Online

It sounds like you are married, but filing separately. Is that correct? If so, you both cannot deduct the total amount of deductions like mortgage interest and property tax. These deductions are either split between the two of you, or one spouse receives the full deduction.

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I

iksnirAuthor

I understand that. The point being if I file married filing separately, it says I cannot deduct a student loan. This student loan is from a previous marriage for my daughter. Also, I am not entitled to any deductions for the home; it is not my home. The home was owned by my husband long before we were married. That being said, since I am not entitled to any deductions for the home, I am tempted to file single so I can deduct the parent loan I have for my daughter by a previous marriage and my standard deduction. Once again, the home is not mine at all, and I have absolutely no intention to taking any deductions with regard to the home. This is a second marriage later in life and our deductions have nothing to do with one another.

X

xmasbaby0

Employee

If you were legally married at the end of 2019 then your filing choices are to file a joint return or file married filing separately. "Single" is not an option--certainly it is not a LEGAL option.

Why are you not filing a joint return? That way you would have all of the tax advantages of filing as a couple, which would include taking the education credit.

If you were legally married at the end of 2019 your filing choices are married filing jointly or married filing separately.

Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)

If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.

https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states

https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**