Sure...
You still have the option of filing separately. I’ve never heard of mortgage interest not being deductible, so long as it’s a primary or secondary home. You may want to get a second opinion.Sure...
If my wife and I filed single, we would both get a few thousand back each. Because we are married filing jointly we get nothing, if not owe. We both claim 0.
A few years ago, they changed the rules and the standard deduction, so we can no longer deduct mortgage interest, etc.
I think he's referring to not deducting mortgage interest because the increase in the standard deduction means he no longer itemizes. However, to me this seems like a win, since he's able to deduct more now with the standard deduction than he could before with itemization.
There's quite a few "estimate my refund" calculators available on the internet. You could punch in your numbers first as a bachelor and then repeat it as though you were married and see how those compare.
My buddy's wife has about 100K in student loans. She has a few masters degrees but they are in social work so she makes good money but not "I owe a hundred grand money". He's got a good paying job too. They have to file separate or her minimum payments on the student loans double. If they file jointly it pushes the income level up to the point of getting slammed on the minimum payment.
One off situations like that can occur. But I feel like they're pretty rare. In my circles at least. Me and the wife had about $50k in student loans we paid off in about 5 years. Paying the "minimum" is going keep her in debt forever.
My kids all have 4 year degrees and graduated with some debt but they chose fields that paid well. My oldest son worked a ton an paid his off as soon as he could. The twins say they set the money aside to pay it off but are waiting until this "college debt relief" stuff gets settled. My kids are pretty conservative but they aren't going to give away free money LOL. My daughter is in nurse practitioner school an her employer will help pay it off after she graduates if she keeps working for them.
For sure. I think this is lost on a lot of the youths. I hope I can guide my youngsters correctly in a couple of years.
The thing is, your property is capped at $10k now. Some people have interest and property taxes far exceeding the Fed standard deduction, but can't write it off anymore.
I worked on the one in Suffield, CT back in 2009. It just happened to be the day that Michael Jackson and Farrah Fawcett died. They built this family a huge house and anyone who knows the area knows how much the property taxes are alone never mind the utilities and upkeep. I know someone who went back a couple months after they moved in to do some repairs and said the place was already a mess. Hardwood floors were already trashed and said there was a lit cigarette burning on the edge of the countertop.
just run... don't need an excuse
I really do not see any reason why you should
