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I made the mistake of buying a house last year with my financially irresponsible husband. I put down a sizable downpayment (300K) and he put down $1500. After we moved I was unemployed for four months. However, we've both paid the mortgage, taxes and insurance, with him paying perhaps 55-60% and me 40-45%. I used up all my savings to pay my portion.
Now he wants us to file our taxes separately. We live in an area with very high taxes, so we expect a big tax return.Since this is the first house I've owned, I don't know how things work with tax claims on a house for married couples. Can we each claim the mortgage and property tax on our tax returns? I know that he will not share any return that he gets with me because he plans to pay down his debt with it. He thinks that because he has paid more than half of the expenses since we moved into the new house, he has the right to do whatever he wants with "his share" of the tax return. What can I do to get a portion of the return? I have absolutely no savings and am living from paycheck to paycheck. In addition, I've accumulated quite a bit of credit card debt of my own to make ends meet while I was unemployed.
I already realize what a jerk my husband is and am deciding what to do about him. I am writing to find out what my financial alternatives are. What are my options?
I made the mistake of buying a house last year with my financially irresponsible husband. I put down a sizable downpayment (300K) and he put down $1500. After we moved I was unemployed for four months. However, we've both paid the mortgage, taxes and insurance, with him paying perhaps 55% and me 45%. I used up all my savings to pay my portion.
Now he wants us to file our taxes separately. We live in an area with very high taxes, we expect a big tax return.Since this is the first house I've owned, I don't know how things work with tax claims on a house for married couples. Can we each claim the mortgage and property tax on our tax returns? I know that he will not share any return that he gets with me because he plans to pay down his debt with it. What can I do to get a portion of the return? I have absolutely no savings and am living from paycheck to paycheck. In addition, I've accumulated quite a bit of credit card debt of my own to make ends meet while I was unemployed.
I already realize what a jerk my husband is and am deciding what to do about him. I am writing to find out what my financial alternatives are. What are my options?
Thank you.
If you file separately, since the house is in both of your names, you are supposed to split the deductions 50/50. So if your 1098 shows $10k in mortgage interest, you would show $5k on Sch. A as would he. Same goes for property taxes, PMI, etc. The only thing that will be specific by individual are like state & local taxes withheld on your W-2, you would claim all of your's and he would claim all of his; and any contributions that you or he specifically made by yourself i.e. say you went to church and he doesn't and you gave $2000 for the year, you'd claim every dollar of that.
From the way you talk, it sounds like you are moving towards separation or possibly divorce, so I would definitely consider filing separate in that scenario, however, it's typcially more beneficial to file jointly as filing separate only saves couples tax $ about 5-10% of the time. It's hard to know what is more beneficial w/out knowing your whole financial picture. Typically when each person make almost identical the amount as the other will it work out to be better filing separate.
It's hard to know what is more beneficial w/out knowing your whole financial picture. Typically when each person make almost identical the amount as the other will it work out to be better filing separate.
I'm surprised he would want to file separate then, unless he has high withholdings or large amounts of deductions, would think he will owe w/out filing jointly.
He uses the highest withholding and gets some credit for charitable donations. Even with the high property taxes ($17,300) you still think he would come out ahead by filing jointly? Please explain.
He uses the highest withholding and gets some credit for charitable donations. Even with the high property taxes ($17,300) you still think he would come out ahead by filing jointly? Please explain.
Well in that scenario, he probably is looking at getting a refund, and regardless of whether it's beneficial to both of you to file jointly, if he's being selfish and wanting the $$ for himself, then I understand why he's doing it. That said, you should get about anything you had withheld back on a $25k income being that you'll get to take $8650 of the property taxes, and I'm assuming a substantial amount of mortgage interest on a house that is evidently pretty substantial in size.
Well it's a relief to know that he can't take the whole tax claim for himself, and that I'll get something. A significant refund will help me a lot.
Thanks for your help.
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