Can You File Taxes Separately if You're Married
Many married couples elect to file their taxes jointly because it is genuinely cheaper. Well, most of the time. If you're a real estate investor, yous likely already know that the typical rules don't ever apply to you. Filing jointly may end up costing you more depending on your situation and a variety of other factors. Let'south expect at three mutual situations where filing separately is typically cheaper for married real estate investors.
When Both Spouses Have Loftier Incomes
Being a high earner is something most investors aspire to. But in that location are some drawbacks to both spouses being professionally successful. If you and your spouse are earning $309,900 or more annually, filing jointly could disqualify y'all from certain deductions that would otherwise salvage you coin. This income level is not unusual if both spouses are real estate investors.
In these cases, it's best to piece of work together by filing apart. You will each exist eligible for more than deductions by filing separately. Y'all will nevertheless need to work as a team to ensure you lot aren't both itemizing the same deductions. Simply ultimately, taking the time to review your separate filings will preserve your collective wealth.
When Your Spouse Already Owes The IRS
If your spouse owes the IRS, filing together could cost you your refund. If you file jointly, the IRS will seize your refund to satisfy your spouse's debt. If yous're relying on that refund for something essential like making a real estate investment, it is best to file separately until your spouse'southward tax issues are resolved.
When Y'all're Getting a Divorce
If y'all are in the process of getting divorce or accept a reason to suspect your spouse is dishonest when information technology comes to taxes, filing separately isn't fell. It'southward the smart move. Even though yous may want be to trust your spouse, if there is any love lost or trouble in paradise, filing separately will protect you lot. Liability attaches once yous both sign and file the render. Essentially, you're treated as a unit for tax purposes. Divorcing partners take been known to shuffle around debt or attempt to hide assets. If you are experiencing whatever of these issues, filing on your own is actually a grade of asset protection .
When in Doubt, Contact a Professional person
If any of this information or the filing process is confusing, know that there are professionals here to assist you salvage on your taxes, our tax attorneys Imperial Legal Solutions can assist you lot with making the judgment phone call well-nigh filing jointly or separately. We work exclusively with existent manor investors and know these bug well, and have assisted many married professionals in the by. When you work with us, you as well have admission to the CPAs we have personally vetted. Become professional help to avoid giving your hard-earned coin to Uncle Sam.
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Source: https://royallegalsolutions.com/when-to-file-taxes-separately-if-a-married-real-estate-investor
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