taxes, capital losses, marriage, joint returns

[topangasylvia]

What is the name of your state (only U.S. law)? Oregon.

I had a huge capital loss years ago and now have a tax credit of 3000.00 a year. In addition, I own a couple of rental properties with the tax advantages of mortgages and expenses.

I'm considering getting married to the man I've been living with. If we filed jointly, as a legally married couple, could he take advantage of my tax credits?

[FlyingRon]

Originally Posted by topangasylvia

I had a huge capital loss years ago and now have a tax credit of 3000.00 a year. In addition, I own a couple of rental properties with the tax advantages of mortgages and expenses.

There are tax advantages to mortgages and expenses? Only against the income these property (or other passive activities) generate.

I'm considering getting married to the man I've been living with. If we filed jointly, as a legally married couple, could he take advantage of my tax credits?

You can JOINTLY use the carried over loss on your subsequent returns.

[LdiJ]

Originally Posted by FlyingRon

There are tax advantages to mortgages and expenses? Only against the income these property (or other passive activities) generate.

You can JOINTLY use the carried over loss on your subsequent returns.

If they manage the rental homes themselves its not a passive activity. As long as they make less than the income ceiling they can take their rental losses, up to a certain level.