Okay....I have a hard time figuring out how much money my husband and I are supposesd to be getting back, and I have a couple of questions!
First....we are married...I did not bring in any income this year. I just started a job last week, however I am self employed!
So, can he claim me as a dependant? Everyone says yes, but when we did our taxes last year they told us NO!
We bought a home in September...can we get money back from that....and how do you determine that?
2007-12-09 18:37:12 · 3 answers · asked by mr.t'smom 2 in Business & Finance ➔ Taxes ➔ United States
Its not that he can claim you as a dependent, instead the IRS automatically gives you and your husband personal exemption, each exemption is $3400.
With respect to your house, you cant get money back that, but there are still tax advantages. The IRS gives a standard deduction which is equal to 10700 for married couples. What I recomend is that you look at a form called "Schedule A." If the charges on Schedule A are greater then 10700 then you will get benefit from House. In general, you can right off your house interest paid, the points you paid, state and real estate taxes -all of this is in schedule A, but the catch is that your charges have to be greater then 10700.
go to www.taxact.com, great site for filling out tax returns at no cost.
2007-12-09 19:12:38 · answer #1 · answered by hsingh86 2 · 1⤊ 0⤋
No, a spouse is not claimed as a dependent. You can file a joint return though, and get an exemption and standard deduction for each of you.
If you bought the house in September, it might or might not give you any tax benefit this year. You only benefit if you itemize, and you'll only do that if your total itemized deductions add up to over $10,700 since otherwise you'll just take the standard deduction.
2007-12-10 03:13:36 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
You will file "Married Filing Jointly" and claiming two. Your self-employment income will be included on the 1040 form. However, since you bought a home, you may not have enough to itemize your deductions (Schedule A). Your standard deduction would be $10,700 and your itemized deductions will have to exceed that. Now when you file your 2008 taxes then you will probably have enough to itemize your deductions.
2007-12-10 18:13:39 · answer #3 · answered by Gary 5 · 0⤊ 0⤋