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Understanding U.S taxes
I was wondering if my husband and I should file our taxes jointly. I'm originally from Canada and I married my husband in march 2007. I've rec'd my residence card frm homeland security and I'm now able to work (but I do not have a job nor have I ever had a job in the U.s). I own 2 rental properties in Canada which I will claim on my canadian taxes when I file this year. But since I own property in Canada and have rec'd some revenue (not a lot), will we need to claim that income here in the United States if we file jointly or should my husband just file his own? Or... Does me owning property in Canada have anything to do with the United States (it might be considered completely sperate as I will be filing my own taxes in Canada anyway)... Sorry if this is confusing.
Thank you, as I could really use some help with this. :-) |
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The best choice in your case is to file resident tax return as Married Filing Jointly. Then you will get standard deduction of $10,700 and two exemption of total $6,800. You will attach W7 (ITIN application) to get tax identification number for you.
You both will report your worldwide income for 2007. If for any income you paid taxes in a foreign country you will file form 1116 to claim foreign tax credit. |
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Filing jointly is NOT always the best way to go.
Unfortunately, there is no set formula to determine which is the best option. The only way to know FOR SURE is to prepare the return BOTH ways and compare the results. MOST of the time, filing jointly produces the lowest tax liability, but NOT always. I recommend that you seek professional tax help (email me if you want my services), as your tax situation SCREAMS for the services of an learned tax pro. |
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