Life Changes-Should I Change Filing Status and # of Exemptions?

by Shelley
(Gilbert, AZ USA)

Hi--I am separated (not legally) from my husband and live in a different state now. We sold our home last year and I rent now and have 2 children--one 17 and one 22. The 22 year old will be a full-time student again next month and I provide more than 50% of his support. My question is, should I change my filing status to single now and is this necessary to file for Head of Household on my 2011 taxes? Also, if I understand the IRS worksheet correctly, I am entitled to 5 exemptions, which would give me MORE income in each paycheck, but does this put me in danger of potentially OWING taxes at the end of the year? I am attempting to have more income each check and get a smaller refund, but with having no mortgage interest to write off this year, I want to be careful that I don't end up paying. Help!

Life Estate and a Mortgage

by Vivian
(Ohio)

I am paying the mortgage and real estate taxes on a home that is in my son's name..I have a Life Estate on this property...can I claim the interest on the mortgage or do I have to give it to my son to use..Thank You

Life Estate Income Tax Returns

Life estate, can a grantee claims the house in his income tax returns?(N Y City)

LIFE ESTATE INHERITED OR GIFTED

A DECEDENT WHO PASSED AWAY IN 2010 TRANSFERRED HIS HOUSE INTO HIS CHILDREN'S NAMES 18 YEARS PRIOR. HE HAD A LIFE ESTATE IN THE PROPERTY. IS THE PROPERTY NOW CONSIDERED INHERITED OR GIFTED FOR DETERMINING HIS CHILDREN'S BASIS IN THE PROPERTY?

Life Insurance

by Jean
(NC)

Is Life Insurance taxable?? My daughter received life Insurance from a death in the family. Will she need to pay taxes on this money??

Life Insurance Benefits

Is a life insurance payout taxable?