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Strange situation here: Me and my SO bought a house last year (we bought in time for the $8,000 tax credit). We were unmarried last year (legally speaking). Anyway, we're both filing as single. I'm thinking of having all the interest deduction and the $8,000 tax credit go under her filing while i just take the standard deduction. Is that ok? Edit: Either that, or i guess we split the $4,000 and take the standard deductions, we're at the cusp of having the interest income itemized deduction barely being worth it over the standard deduction for an individual, i think. Mister Fister fucked around with this message at 20:52 on Apr 3, 2011 |
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Apr 3, 2011 20:44
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Quick question, is it legal for me and my wife to do 'married filing seperately' where she takes all the itemized deductions (mortgage inerest/charity deductions etc.) while I take a standard deduction? I told my wife that this is silly and i don't think the IRS would allow that, but we can't seem to find anything on google that says we can't... If not, would it be legal to file 'married filing separately', but my wife to take all the itemized deductions and I would take neither itemized or standard deductions and ONLY take a deduction for the IRA contribution? My wife calculated this and says we save $1000 more doing this than doing married filing jointly. Apparently we can't take the IRA deductions doing married filing jointly because we're phased out.
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Mar 18, 2012 07:11
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furushotakeru posted:If one spouse itemizes the other must itemize as well, even if that yields a smaller deduction than the standard deduction. Do you mean we have to split the itemized deductions 50/50? Or can my spouse take all of them while i take basically nothing except the IRA deduction? Mister Fister fucked around with this message at 17:24 on Mar 18, 2012 |
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Mar 18, 2012 17:14
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ThirdPartyView posted:You just have to file an itemized return (even if your itemized deduction will be 0) if your wife is. Ok gotcha thanks.
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Mar 18, 2012 17:30
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My (unlicensed) contractor installed a gas boiler for our new gas hookup in 2013 and he mentioned there's a federal tax credit for this. However, i noticed my boiler has an AFUE efficiency of 91.2: http://www.weil-mclain.com/en/weil-mclain/pd-gv-90-plus-gas-boiler/ The only thing i can see for tax credits on high efficiency boilers is for AFUE 95% or more: https://www.energystar.gov/?c=tax_credits.tx_index Is he blowing smoke up my rear end on this?
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Jan 28, 2014 19:54
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My wife quit her job at a small business where she was a financial analyst for them. The business liked her enough that they offered her a consulting gig to help them out. This gig will allow her to work from home. We just created a single member LLC for this purpose with our state and also just created a business checking account and debit/credit cards as well. I understand that we should not mingle business and personal expenses. However, there are some expenses that sorta straddles both. For example, our cable internet bill, our cell phone bill, utilities... i think we also need to buy a new iphone for her too since hers is falling apart. I guess this is a 2 part question: 1) Is it ok if we use our business credit/debit cards to pay for this from the IRS perspective? From a tax perspective, we would only expense what we use for our business (for example, i guess we would only expense half of the cell phone bill for business purposes, and whatever fraction of our utilities goes to our bedroom which is her office based on square footage of the house). That IRS is ok with that, right? 2) If someone sues her, would using the business debit/credit cards allow them to pierce the corporate veil and attack our personal assets because these expenses are technically both personal and business expenses?
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Jan 27, 2019 04:28
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Thanks for the replies on the home office space guys. So we decided to use our family room for my wife’s office based on your replies. We have a personal computer there which we were planning on transferring the assets to the business. This also happens to be my gaming pc. We were going to depreciate half the computer on our taxes since it would be used half for business and half for personal use. I guess we can’t do this because it’s automatic proof that the office is used as my gaming room on nights and weekends? Lol
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Jan 28, 2019 16:31
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AbbiTheDog posted:Family room is going to be hard going, ESPECIALLY if the computer she's using is being used for gaming. Dang. It’s a small room, maybe 30 percent larger than my bedroom and way smaller than my living room. I think if I get rid of the futon and gaming pc there maybe it could work.
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Jan 28, 2019 18:28
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Hi, my wife opened up an LLC to do accounting and investment valuation work for her prior employer. She wants to buy some CFA books to do studying so she can get her CFA designation. Can she expense that to her LLC to reduce her taxable income?
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Feb 9, 2019 18:16
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My wife has a consulting LLC where she basically does some work for a business she used to work for. We're thinking using our semi-finished attic (it has carpeting and drywall covering everything) as an 'office' for her since we don't use it for anything. The thing about our attic is that it doesn't count in the square feet of our home as living space in our town records since i guess it's not up to building codes maybe? I know the IRS allows you to deduct expenses related to your home office as a percentage of your home to figure out what your expenses are. Can we still use the square footage of our attic to calculate our expenses or will the IRS not allow that?
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Apr 20, 2019 22:29
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MadDogMike posted:You would probably need to add the space for the attic to the rest of the home's space to do the proper calculation (i.e. the ratio should be attic space/(rest of home + attic space) to work out the right percentage) but I don't think there should be any issue with counting it even if it isn't "officially listed" as part of the base living space. Just be able to show your measurements if there's any question. And just to be clear, she should be doing some kind of work in the space in order to count it, you can't really just call any space an "office" without actually using it for the business in question obviously. Obviously also make sure the "building code" thing doesn't cause some sort of legal issues locally even if the IRS probably won't care per se. Ok great, thanks. I was planning on doing just that, just dividing the attic space divided by the liveable space+attic space, wasn't sure if the irs would allow that or not. It would be 100% used for her work, we really don't use the space for anything. I think the building code thing will be us just not asking for permission and asking for forgiveness if that ever comes up  Thanks.
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Apr 22, 2019 05:24
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