You'll need to sign in or create an account to connect with an expert.
since it would seem you have no children to claim as dependents, your only choices if married on the last day of the year are joint or married filing separately. yes you can claim deductions for both homes subject to the limitations for taxes - for all deductible taxes to $10,000 filing joint or $5,000 married filing separately
MFS mortgage limit is $375,000 but in IRS pub 936
Separate returns.
If you're married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.
also if MFS if one itemizes both must itemize or if one uses standard deduction both must use it.
generally you'll pay more taxes if MFS. you may want to consult a lawyer about liabilities of each, since living apart may not protect you.
YES you can still file a joint return even if you are living apart--for whatever reason. You are not required to live together to file a joint return. And if you own two homes you can enter the mortgage interest and property taxes and loan origination fees paid for both--you are allowed to enter those things for a "second home" as well as a primary home.
If you are legally married at the end of 2019 your filing choices are married filing jointly or married filing separately.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.
https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately
https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states
If married you can file jointly or separately. Jointly is usually better. You do not claim a home, you can only deduct mortgage interest and property tax as itemized deductions but unless all of your itemized deductions exceed the standard deduction there is no advantage.
If you file MFS (Married Filing Separately) keep in mind that there are several limitations to MFS. Married filing Jointly is usually the better way to file. A few of those limitations are: (see IRS Pub 17 for the full list https://www.irs.gov/pub/irs-pdf/p17.pdf page 21 1. Your tax rate generally is higher than on a joint return. 2. Your exemption amount for figuring the alternative minimum tax is half that allowed on a joint return. 3. You cannot take the credit for child and dependent care expenses in most cases, and the amount you can exclude from income under an employer's dependent care assistance you are legally separated or living apart from your spouse, you may be able to file a separate return and still take the credit. For more information about these expenses, the credit, and the exclusion, see chapter 32. 4. You cannot take the earned income credit. 5. You cannot take the exclusion or credit for adoption expenses in most cases. 6. You cannot take the education credits (the American opportunity credit and lifetime learning credit) or the deduction for student loan interest. 7. You cannot exclude any interest income from qualified U.S. savings bonds you used for higher education expenses. 8. If you lived with your spouse at any time during the tax year: a. You cannot claim the credit for the elderly or the disabled, and b. You must include in income a greater percentage (up to 85%) of any social security or equivalent railroad retirement benefits you received. 9. The following credits and deductions are reduced at income levels half those for a joint return: a. The child tax credit, b. The retirement savings contributions credit, 10. Your capital loss deduction limit is $1,500 (instead of $3,000 on a joint return). 11. If your spouse itemizes deductions, you cannot claim the standard deduction. If you can claim the standard deduction, your basic standard deduction is half the amount allowed on a joint return. - If you live in a community property state you must allocate community income between both spouses.. - - Community property states. If you live in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin and file separately, your income may be considered separate income or community income for income tax purposes. See Publication 555. http://www.irs.gov/publications/p555/index.html See this TurboTax article for help with this. https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states |
|
YES you can still file a joint return even if you are living apart--for whatever reason. You are not required to live together to file a joint return. And if you own two homes you can enter the mortgage interest and property taxes and loan origination fees paid for both--you are allowed to enter those things for a "second home" as well as a primary home.
If you are legally married at the end of 2019 your filing choices are married filing jointly or married filing separately.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.
https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately
https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxquestion222
Returning Member
Tw1982
Level 1
green2ski
Level 2
Kimberlie
New Member
AllApplicableUserIDsTaken
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.