My spouse and I are married, filing separately. Itemized deductions on this type of tax return seems complicated. How should we split our married, filing separately itemized deductions?
Married, filing separately itemized deductions appears to be a complicated issue, but in reality it can be quite simple if you follow some basic rules.
First, the spouse who paid an expense that results in a tax deduction should claim the full deduction.
Second, if you and your spouse paid the expense from a joint account you will need to divide the deduction according to your interest in the account. In community property states, expenses paid with community property (a joint checking account) should be divided in half.
When married couples choose to file tax returns as married filing separately they report their own earned income and expenses on individual tax returns. In doing so, the married couple must agree how to best divide itemized expenses or choose to use the standard deduction to reduce their tax. The standard deduction is an amount that reduces the taxable income and eliminates the need to itemize tax deductions. Calculate both methods to decide which is most beneficial to you.
If you made a contribution to a candidate or to a political party, campaign, or cause, you may be wondering if your political contributions are tax deductible. The answer is no – donations to political candidates are not tax deductible on your personal or business tax return. The same goes for campaign contributions.
Learn more about Form 8283 for claiming a tax deduction for a charitable donation without a receipt. The H&R Block tax pros explain what qualifies for a deduction.
What is the tax rate in Louisiana? Learn more about Louisiana taxes, including important tax bracket information, with help from H&R Block.
Learn more about used car tax deductions with help from the tax experts at H&R Block.