Sep
10
Filing seperately can my wife take the Mortage Tax credit on our state (CT) taxes if the loan is in my name?
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Bryan W asked:
I’d like to take the auto property tax credit on my return and hopefully let her take the mortgage property tax credit. With the maximum credit allowed at $500 in CT, and us paying a lot more than that in taxes, we want to legally minimize the amount owed.
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I’d like to take the auto property tax credit on my return and hopefully let her take the mortgage property tax credit. With the maximum credit allowed at $500 in CT, and us paying a lot more than that in taxes, we want to legally minimize the amount owed.
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2 Responses to “Filing seperately can my wife take the Mortage Tax credit on our state (CT) taxes if the loan is in my name?”
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You generally will minimize the tax owed by filing jointly. Almost ALWAYS more advantageous tax treatment. Why do you want to file separately?
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If the mortgage is in your name then you will get the credit. Do your taxes both ways and see what situation will benefit you more. Married Filing Separately or Married Filing Jointly. I have heard in a few situations couples are better off to file “Married Filing Separately” because of state taxes. Try it and you will see for yourself.