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5 Answers

How will buying a house affect my taxes?

Asked by: jmlcpl 1840 views YA Discussion

My fiance and I purchased a house in February of 2012, together we make about 60,000 a year, 25k and 35k individually. Not married yet, and no plans to marry before December. Typically we file seperately but we expect to file jointly this year. What kind of changes should we expect to see this year, and would getting married before the end of the year possibly benefit us? Thank you.

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5 Answers



  1. Quick Answers on Jul 01, 2012 Reply

    Unless you are married on 12/31/2012, you aren’t married for tax purposes. (And all those previously separate returns had better be SINGLE.)

    As for changes to your tax return, if you own half, paid half, then your half of mortgage interest, taxes go on YOUR schedule A. Unless that’s more than $ 5950, it won’t change a bit.

    If it’s a $ 1000 over, you’d save $ 100 to $ 150.

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  2. Fred on Jul 01, 2012 Reply

    ” and no plans to marry before December. Typically we file separately but we expect to file jointly this year”

    No Can Do. You CANNOT File jointly unless you are married as of 12/31. Period.

    Unless you get married, you will need to decide how to split (if at all) the RE Taxes & Mortgage Interest. It may work to your advantage to have one Itemize (take both the mortgage interest and RE Tax) and the other take the standard deduction. Have your professional work the numbers both ways.

    “and would getting married before the end of the year possibly benefit us”
    Possibly. While you will be in a higher bracket filing jointly, it might benefit you in so far as you only have to pay for one return to be prepared. Not only is having 2 returns costly, but the added time to run numbers on different scenarios will increase your preparation bill.

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  3. tro on Jul 01, 2012 Reply

    buying in Feb. will probably allow you enough to be able to use Sch A, this will mean you are able to use this schedule in amounts greater than your standard deduction
    if you are married by the 31st of Dec. and will file married jointly, the mortgage interest, property taxes and other items on the sch A you are able to claim will probably reduce your taxable income somewhat
    if you do not plan to get married in 2012, you will not be able to file jointly in any way
    the mortgage interest and the property taxes that will be eligible to be claimed will depend on who is responsible for the loan and the taxes, if that is both of you(listed on the loan statement and property tax bill) you will each be able to claim half
    your standard deduction for 2012 as married filing separately will be $ 5950

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