Life Changes Affect Filing Status Income Tax Question
(Gilbert, AZ USA)
Life Changes Income Tax Question
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!
Comments for Life Changes Affect Filing Status Income Tax Question
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
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?