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Submitted By: Gloria
Answered: June 29, 2015 9:04 am
Answered: June 29, 2015 9:04 am
My husband and I are legal guardians of our grandchild. If we file as married filing separately, do we each claim an exemption for her?
As legal guardians, you are entitled to the exemption for your grandchild, but only one of you can claim it. Decide who should do this; it depends on who will save more in taxes for the family. You do not apportion the exemption between you.
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Tax Glossary
Capital expenses
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.
