Cut to the chase – because our combined income plus the piddly 10000 / year rental income exceeds the $150,000 total, all expenses, including mortgage interest, are disallowed because we cannot use the “real estate professional” loophole. I’m thinking the MFS would not only drop my husbands tax bracket, but would allow us to perhaps get some passive loss deductions on the rental property.

Running both MFS and MFJ will be a chore becuase I’ll have to play with which one gets to claim the 2 different mortgage interest and which one gets the rental income, etc. Thought perhaps someone might have advice

I, on the other hand, recently went back to full time status earning about $33,000 a year. Always worked part-time and TRIED to save a little for the kids college and other expenditures.

Once again, he owes $40,000 and there’s no where to borrow from, the IRS will swoop in and garnish my wages and levy all college accounts and savings accounts I have to pay for his SHORTCOMINGS! Sounds cruel, but the man will never talk about money, it’s never a good time for him.

I want to protect my kids’ education that I have worked so hard for by saving and clipping coupons and driving old cards – meanwhile vacations and drinking/dining out are his main priorities, and probably always will be.

Conversely, if we file separately, my monthly payment would be minimal, possibly even $0. I recognize this is a Temporary solution, and I Absolutely plan to repay my loan obligation, but to me it seems MFS would be the best option while we are getting our feet back on the ground, his tax debt is eliminated, our credit debt are paid off, I am able to find work, and we are better able to handle the monthly student loan payments.

My question is: will we be Able to file MFS for 2009 since we already filed MFJ for 2008? Will we be able to file MFJ in the future if we file MFS for 2009? What difficulties will arise if we file MFS after our baby is born? I appreciate any help you can provide.

My husband will gross about 85 grand for this year (2009) and still owes about 2 grand.

However, offsetting these earnings are burdensome mortgage payments from a lengthy period of unemployment (we just barely escaped foreclosure), $8000 a year in child support for his son (my stepson, whom is not claimed on our tax return), and credit card payments for $10000 in expenses incurred during our respective periods of unemployment. After these and our other living expenses, including utilities, medical appointments, and food, we have nothing left. We have no savings; I have a couple IRA accounts but there is less than $1000 combined.

Further complicating this issue is the fact that I will begin repaying my student loans next month.

With $70,000 in student loans, my monthly payment if we file jointly (even using the income-based repayment) is $790, which is absolutely untenable for us right now.

I just finished grad school and have over $70,000 in student loans. I’m not working and am having a baby in January. I briefly had a part-time job from which I earned about $4000 for 2009.

As he was filing his taxes with her CPA, she told him that he needed deposit additional funds to the IRS. I came to find out that she had taxes owed from previous years of more than $35,000.00 Now, should my brother file jointly and advise her CPA that he want’s a complete breakdown of his/her income, expenses and taxes? Or file separate.

I appreciate any response.

I have a question, I live in Virginia and my wife lives in NewYork because of my new job I had to move here this year. I am trying to call my wife here soon but you know economy recission it’s not easy to find a decent job and I don’t want to loose her job from NY. Anyway, my question is I filled ‘Married filled jointly’ last year in NY when I used to live there but since I am here in VA can I still file taxes with her?.. If yes, then what’s the proper way for that either Jointly or Seperately?.

I also have a question that can I put her as dependent on my Tax documents or should I put it 1 only? I am new to this system I am trying to understand.

Thanks.

I want to get married and my fiance and I do not live together. We live far apart and will be doing so for sometime, due to him being in the military, and my job being secure at this point……my question is would filing jointly or seperately be better for us…..I was going to file seperately because he makes in the mid 60’s, and I make in mid 20’s…..so I’m looking for some help with this……

I’ve researched and researched and maybe we shouldn’t get married for a long time due to the tax issues…..

Also, does someone filing bankruptcy make a difference when your filing your taxes???