Quote:
Originally Posted by TheMalcolmConnection
Well, before I bought my house I was maybe getting back a total of like 200 bucks from the goverment, while my fiancee (who takes zero exemptions) gets like 1000 bucks back. I would love a big fat return this year so I can pay off my car too.
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In the past you have been filing separate returns between the two of you. Once you are married you will be filing a joint return, so what happens to your combined returns once you start filing jointly is tough to say.
But for this year's return, you should see an increase in your refund due to deducting mortgage interest. It all depends upon how much interest you paid this year. Check to see what your total deductions would come to if you itemized your deductions. If it's more than the standard deduction, then itemize, and you'll see a bigger refund. If it's less than the standard deduction, take the standard, and your refund will be similar to last year's. If you've got no idea what I'm talking about, hit up a CPA to help you file, or stick your nose into the 1040 instructions real well, or buy Turbotax.
I assume that you'll be filing separately again this year. Be careful not to claim the interest on your house on both of your tax returns. It can only be claimed on one or the other. Better to do it on the person's who makes more dough.