AboutGlenn D Schnabel Expertise I can answer most federal individual income tax questions.
I can not provide legal advise.
Experience I have worked for a CPA firm for over 11 years.
I have worked in private as well as government
I have recently been running a tax preparation office, mainly focusing on
individual income taxes
Organizations I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.
Education/Credentials I have my B.S.B.A in Business Administration . Concentration in Accounting
I have gone to yearly tax seminars and have tried to keep up with the
evolving tax changes
Awards and Honors Over my years I have received local awards for contributions to worthy
organizations.
Past/Present Clients This, of course remains confidential
Question My husband and I are paying a mortgage on our primary home and write off the interest. We are separating but buying another primary residence for each of us to live in. We plan to still file jointly unless it's better to file separately. Can we write off interest on two primary residences?
Answer Julie,
If you file a joint tax return, then you can only have one principal residence. You can have a second home though. This would entitle you to write off the interest each year on your Schedule A Itemized deductions.
But you can only have one principal residence. If you file separately, you would have a higher tax liability. You would then each be able to claim a principal residence. The exemption when you dispose of it would not be the $500,000 if each of you file separately. You would end up geting 1/2 the exemption each.
Filing separately is a higher tax rate then married filing jointly.
