My wife and I got married late in the year. I have two mortgages that with interest that puts me way over the standard deduction for filing separately. These payments have been from an account controlled by only me. I am unsure how to interpret the IRS guidelines on filing separately when it comes to a situation like this. Is there a circumstance that I can file separately Itemized and she files separately Standard? We've already looked at filing Joint and we are trying to determine our best savings on taxes.
I am also confused by how to fill out Form 8958 if we file separately.
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If one of you itemizes the other must itemize also. Filing jointly is almost always better.
Is there a circumstance that I can file separately Itemized and she files separately Standard? No. If one of your are taking the itemized deductions, then both of you must claim Itemized Expenses.
Which state do you live in?
We live in Texas
It is almost always better to file jointly. There are some special circumstances where it is better to file separately.
Here is a great article explaining the advantages of filing jointly and the consequences of filing separately. It also gives you some instances when it might be better to file separately.
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