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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
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
