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I was wondering how my fiancee and myself should file our taxes this coming April? We had just purchsed a new home together in Feb. 2010 and she has a child and I have Rental Property. She had also already claimed the 8k for new home buyers.

what would be the best way for us to file?

5 Thoughts on How should we file our taxes this coming April.?
  1. Reply
    the tax lady
    February 7, 2014 at 12:07 pm

    Well, you aren’t married and if you still aren’t on 12/31/2010, you can’t file as MFJ.

    You can draft your tax return all valid ways. Only one of you can claim your child. The one who claims the child can file as single or, if they paid more than half of housing expenses, HOH. If you can’t agree, the IRS will award the child to the parent with the highest AGI.

    As for mortgage interest, you can only deduct the part you paid *and* owed. If you each own 50%, that is no more than 1/2.

  2. Reply
    February 7, 2014 at 12:51 pm

    And she has a child?
    And is this child that she has also your biological child?
    If NOT then the child cannot be your qualifying child on your 1040 federal income tax return for any of the benefits tax credit amounts.
    Not married as of December 31 2010 you and your girlfriend with the child will only have one choice each and this choice will have to be determined by who meets all of the necessary rules that have to be met for each one to qualify for the filing status that each one qualifies to use by the rules for that purpose.
    It will be possible for the one that the child live with in the home for the longest period of time and paid the cost of maintaining the home for the child to live in with the parent to use the HOH filing status.
    The other one will only qualify for the single filing status.
    How is the house and mortgage listed if in both names and who is responsible for the home mortgage that is listed by the lender of the mortgage.
    That the 1098 Mortgage Interest Statement will be sent to.
    Payer of Record
    The payer of record is the individual carried on your books and records as the principal borrower. If your books and records do not indicate which borrower is the principal borrower, you must designate one.
    If you permit a subsequent purchaser of the property to assume the loan without releasing the first purchaser from personal liability, the subsequent purchaser is the payer of record. Such subsequent purchaser’s name, address, and TIN must appear on Form 1098.
    Multiple borrowers. Even though there may be more than one borrower on the mortgage, you are required to prepare Form 1098 only for the payer of record, and only if such payer of record is an individual, showing the total interest received on the mortgage. Even if an individual is a coborrower, no Form 1098 is required unless the payer of record is also an individual.
    And of course you already do know that you will have to file a 1040 federal income tax return along with the schedule E to report your gross rental income and expenses and also the form 4562 for the depreciation amounts that you are allowed to take on your rental property.
    Go to the website where you will find all of the rules that everyone has to meet for this purpose use the search box for Publication 17 go to chapter 3 Personal Exemptions and Dependents

    Hope that you and your girlfriend find the above enclosed information useful for your situation and happy thanks giving to the both of you.

  3. Reply
    the kid
    February 7, 2014 at 1:50 pm

    You file single, and you either split the deduction for the mortgage interest or give it all to the person it benefits most. If only you work, you MIGHT be able to file Head of Household IF they lived with you all year and you provide more than 50% of support. You can’t file married.

  4. Reply
    February 7, 2014 at 2:08 pm

    you can’t do anything other than single
    you will file single and have a Sch E with your 1040
    she can file single hoh with her child and since she has mortgage interest can probably also file Sch A, itemized deductions

  5. Reply
    February 7, 2014 at 2:15 pm

    If you get married on or before 12/31/2010, then file as married filing jointly.

    If you are not yet married on 1/1/2011, then she should claim her child and file as head of household if she qualifies, single otherwise, and you should file as single.

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