The vast majority of the time, it’s best for married people to file a joint return. However, there are situations where they can save on taxes by filing separately. For example, a married couple may save tax by filing separately if one spouse has substantial medical expenses, miscellaneous expenses or casualty losses, due to floors that limit these deductions. A spouse may also wish to file separately to avoid being jointly liable for the other spouse’s taxes. However, filing separately has many tax ramifications, most of them bad. One of the less well-known is the impact married filing separately status has on the ability to deduct rental losses, whether by qualifying as a real estate professional or by utilizing the $25,000 rental loss offset available to all landlords with inc...
Mar 17, 2014 by Stephen Fishman
Mar 10, 2014 by Stephen Fishman
Mar 3, 2014 by Stephen Fishman