Federal Housing Tax Credit and Married Filing Separately?
Since my spouse has made a significantly higher income these past two years, we would exceed the income limit eligibility for the federal housing tax credit if we filed our taxes married filing jointly this coming tax year. If my adjusted gross income is less than 75K this year, can we receive a $4,000 tax credit if we filed married filing separately this coming tax year?
Answers (1)
FIRST ANSWER
Eric,
The short answer is yes. However, there are a number of other tax breaks you both will be giving up.
You should consult with your tax attorney to determine if filing seperately is the way to go.
Mark Risting
Realtor
Prudential Starck Realtors
Schaumburg,IL
mristing@starckrealtors.com
630-550-1953
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