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How Should You and Your Spouse File Taxes? Married Filing Jointly vs Separately
Rules for tax deductions when you file separate returns
When married couples opt to file their taxes separately, they must navigate a specific set of rules around tax deductions.
The IRS requires uniformity for both spouses, meaning if one itemizes deductions, then both must do so. This can significantly influence the amount of deductions each spouse can claim.
Here are the specifics when it comes to deductions for Married Filing Separately:
- Both or none: If one spouse decides to itemize, the other cannot claim the Standard Deduction.
For 2024, each spouse filing separately would have a Standard Deduction of $14,600 if they don't itemize.
- Shared deduction restrictions: When each spouse has paid toward the same deductible expense, like property taxes or mortgage interest, they must agree on how to split the deduction amount between their separate returns.
The combined total deduction claimed should not exceed what would be allowable on a joint return.
- Capital loss deductions: The limit on t
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