Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.
12-28-2017 06:45 PM
So I am getting married in January and also went back to school this last spring so i will be getting a tax break/credit for that as I did last year. Im wondering if we should get our marriage license before the new year or after the new year. Which would benefit us the most? We also own our own home but my Fiance has claimed the house the last few years as he made more and I was in school only working very part time. Any advice would be great.
12-28-2017 08:06 PM - edited 12-28-2017 08:06 PM
Welcome to the H&R Block community.
Once you are actually married you can file a joint return. That is the most advantageous filing status for most taxpayers. Since you will not actually be married until next year though you will each be required to file as a single taxpayer for 2017 unless you qualify for the head of household filing status.
When you file your first joint return you can still deduct the mortgage expenses and taxes that you pay for the house, but your standard deduction will be doubled in 2018 so with that taken into account you may not have to worry about deducting those expenses. In 2018 you would need to have more than $24,000 worth of deductions in order to itemize on a joint return.
With the changes that are coming to the tax code in 2018 you should take advantage of every opportunity to deduct in 2017 that you can. Many deductions are either being limited or eliminated starting with tax year 2018. The mortgage interest deduction will be limited to the interest on one house instead of two for example, and the employee business expense deduction will be eliminated.
If you state or county assessed your property taxes for 2018 before December 31st, and if you know you will have a lot of other deductible items, then pay your property taxes for 2018 tomorrow. That deduction will be greatly limited in 2018 but you can take full advantage of it on your 2017 tax return.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)