My fiance owes IRS $6K; will this effect my tax return when I marry him?
Plus his credit is bad & mine is retty much perfect; I pay all my bills on time never late on anything. Will thi effect my credit also?
2007-05-21 05:30:52 · 6 answers · asked by Buggaboo 3 in Business & Finance ➔ Personal Finance
As far as your taxes are concerned, if you file married filing separately, you should be fine.
Credit wise you will not be effected by marriage. Your credit will still be yours and his will be his. If however you apply for credit jointly, like for a car or home, you can look to pay higher interest rates due to his bad credit.
Until he gets his credit cleared up, you have to accept the fact that things like cars and homes may have to be in your name only due to his credit and tax problems.
2007-05-21 06:56:29 · answer #1 · answered by ? 7 · 0⤊ 0⤋
If you file your taxes as Married filing Separate, it should not effect your taxes. As for your credit, it will not effect your credit rating, however if you file together for a loan or if you cosign for him on a loan you will not get the best interest rate. Have him get a copy of his credit report, sit down and go thru it with him dispute anything that is not accurate, and see what he can afford to pay off and improve his credit rating so that you can do things as a married couple when you tie the knot.
2007-05-21 12:45:31 · answer #2 · answered by rockinbak 3 · 0⤊ 0⤋
I don't know about the tax situation, but the credit rating, I do know about.
If his credit is that bad, you and he will both have to live with the fact that bills and a home may be in your name only. No matter how much you love him, I would not go into joint debt with him, because if something would happen with you two, then his credit would drag you down with it.
2007-05-21 13:48:48 · answer #3 · answered by Dallas 2 · 0⤊ 0⤋
depends on whether you file separately or jointly next year. also, won't impact your credit as individual, but will if you apply for any type of joint loan. really depends on circumstances and what you do with your assets after marriage
2007-05-21 12:35:46 · answer #4 · answered by jim06744 5 · 1⤊ 0⤋
Your credit is affected when you marry. You have to file joint tax returns, and his history will affect yours.
2007-05-21 12:38:27 · answer #5 · answered by lexus 4 · 0⤊ 0⤋
Why on earth would you marry someone who has a history of financial mismanagement? What's your future going to look like? You need to make a DECISION!
2007-05-21 12:43:32 · answer #6 · answered by jdkilp 7 · 0⤊ 2⤋
Do NOT get married to this person until he cleans up his finances. You will regret it.
2007-05-21 15:02:58 · answer #7 · answered by filthadelphia 2 · 0⤊ 0⤋