I'm getting married next year. I know that our taxes will change as a result of getting married.I already own a house, and he will be moving here, and it will be our house.Someone on another board mentioned putting their fiance on the mortgage and others brought up tax implications of doing that before being married.I'm just kind of curious what the tax implication are so I can make sure I do the best thing for us.Any tax tips/advice for others who have gotten married? Anything I might not be thinking of or snafus others have already stumbled through?Thanks
Someone on another board mentioned putting their fiance on the mortgage and others brought up tax implications of doing that before being married.I wouldn't sweat that. I'm not even sure you can "put someone" on the mortgage. But you can change the deed on your house to put it in both of your names. It will make no difference to your taxes either way, it's more of a decision that the two of you will need to make. Some couples prefer to work on a "that's hers, this is his" basis, and others prefer to have everything as ours. That topic is one worthy of discussion long before the wedding day. And as a result of those discussions, you'll know whether you need to change the deed on your house after the wedding day. I wouldn't make any changes before then.Far more important is to consider that you will be considered married for all of 2006. So when you start your planning for that year, make sure that you combine all of your tax information when you do your tax planning. You'll certainly want to visit your income tax withholding from your jobs early in the year. Putting that off can have some nasty effects, like having to make a large payment with your tax return that includes penalties for not paying in enough. It's much better to consider that and change your withholding early in the year.--Peter
Someone on another board mentioned putting their fiance on the mortgage and others brought up tax implications of doing that before being married.2 issues here:1. Who is responsible for paying the mortgage.2. Who owns the house as stated on the deedIf your fiancé does not own the house then he only can be a co-signer on the mortgage. There's no reason to add a co-signer unless it gets you a better interest rate. After you're legally married (note that the date of legal marriage does not necessarily correspond to the big ceremony), the bank will probably require that his name be put on the mortgage immediately, depending on the laws of your state.Your mortgage lender will probably have a lien on your house that will prevent you from just changing the deed to say he co-owns the house. You should contact your lender and ask them what the procedure is.If for some unforeseen reason you successfully change the deed & mortgage (so that the house is legally co-owned by you and your fiancé) before your legal marriage date, you are deemed to have made a gift to him. I don't know if the gift is half the value of the house, or just half the equity. If this amount is over the gift tax limit ($11,000) you would reduce your unified credit.So it's probably better to wait until you're legally married to change the deed and the mortgage.Contact your lender to be sure.
Any tax tips/advice for others who have gotten married?Well coming from someone married for... Nah, not going there:-)George
Don't use his razor.If I've misinterpreted your profile, and you're a man named Andrea who is marrying a man, I'll have to pass since my standard bridegroom advice is "put the seat down."All best wishes for a long happy marriage.Philwho has no tax advice to offer, but can't resist the chance to celebrate young, middle-aged, or old love.
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