My husband and I got married in October. Prior to that we were renting an apartment and splitting the cost of rent. Should we both claim the apartment expense and split it? Or could one of us claim it since we are married. Also, we purchased our first home jointly but the paperwork came in his name. Is it ok for him to claim all of it? We must file separately.
Are you sure you want to file separately? Filing a joint return results in a lower tax bill for most married couples. One of the biggest disadvantages of filing separately is that, if one spouse itemizes, the other must itemize too - even if their standard deduction would be much greater.
Rent and rental expenses are not deductible on a federal return. Some states offer a renter's credit. If your state is one of those, you'll be asked about it in the TurboTax interview on your state return.
The only deductible expenses with a new home purchase are mortgage interest, property taxes, mortgage insurance premiums (if any), and points (if any). Your husband can deduct the portion that he actually paid.
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