Married Filing Separately Tax Brackets
Question: Married, file Separately, who can claim the house?
My wife and I seem to be up in the next tax bracket by Filing Jointly. We would like to file separate but who can claim her son (is 18 but a senior in high school), my step-son, and who can claim the mortgage interest?
Thank you.
Answer: As a married couple, you are entitled to claim both sons and mortgage interest. When married filing separately, It’s your choice as to who claims what. One or the other can claim all, one can claim one son and one the other son or you can split everything 50-50. You’ll need to estimate the cost of taking the deductions in all the various permutations to see which results in the least tax liability.
2009 tax law changes provide saving opportunities
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.
