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My boyfriend and I just bought a house together. Is it

Customer Question
My boyfriend and I...

My boyfriend and I just bought a house together. Is it better to marry or stay single head of household?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I make about 3 times more $$ and will utilize the house deduction

Accountant's Assistant: Is there anything else important you think the Accountant should know?

We run a have a separate business that we run that I'd in his name.

Submitted: 4 months ago.Category: Tax
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Answered in 9 minutes by:
3/12/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,141
Experience: Taxes, Immigration, Labor Relations
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In order to be eligible to use a HOH head of household filing status - you should have a qualifying dependent.

Without any qualifying dependent - you may only use Single as your filing status.

Having a joint ownership allow either of you use deduction for mortgage interest and for real estate taxes.

So - you will be able to choose - and these deduction could be used by either of you - preferably by the person in higher tax brackets.

So if your income is larger - most likely it will be more beneficial for you to claim all possible deductions.

Regarding proposed marriage - that may have a positive or negative effect on your total tax liability.

That depends on all facts and circumstances.

In most situations - we would need to prepare tax returns both ways and verify.

Let me know if you need any help with estimations.

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Customer reply replied 4 months ago
I have qualifying dependents. Can you do some estimates?
Tax Professional: Lev, Tax Advisor replied 4 months ago

With qualifying dependents - you do qualify for HOH filing status.

I will do estimates based on income and deduction items you provide.

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Customer reply replied 4 months ago
I am HOH with two kids. Income $160. Own a condo currently. He is single 65k. Also has business in his name. Business to make 36k this year.
Customer reply replied 4 months ago
160k
Tax Professional: Lev, Tax Advisor replied 4 months ago

HOH with with two dependents - both below 17,

income from wages only - $160,000

assuming standard deduction

--- estimated income tax liability in 2017 - ~$30,000; in 2018 - ~$23,000

MINUS any income tax withholding from your paychecks

---------------

For your boyfriend - - assuming single

income from wages $65000 plus net self-employment income (after all business deductions) $36,000

standard deduction

--- estimated income tax liability in 2017 - ~$22,800; in 2018 - ~$20,100

- these amounts include self-employment taxes ~$5100

MINUS any income tax withholding from his paychecks

---------------------

If you got married - and all income will be combined...

---- estimated combined tax liability will be $57,000 for 2017 and $46,000 for 2018

So - it seems as you would pay slightly more if you get married...

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Tax Professional: Lev, Tax Advisor replied 4 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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