Denver Homeowners Know Tax Myths

There are many widely-held myths
about our tax system that cost taxpayers money every year.  Four of the bigger untruths are:

I’m
a student, so I don’t have to pay taxes.  Although students may receive special
tax credits, there is no blanket exemption for those enrolled in higher
education.

My
child is working, so I can’t claim him as my

dependent.  As long as you provide more than
half of that child’s support, and they meet 

relationship and citizenship

qualifications, you may claim them
as your dependent.

I’m
married, so I have to file a joint return. 
It may be
advantageous to file “Married Filing Separately”, for instance when one spouse
has substantial medical deductions (subject to the 7.5% floor).  Run the numbers and see which  results in the lower tax
bill.

I
can sell my home tax-free once I’m over age 55. 

Regardless of your age, you may
exclude $250,000 in gain from the sale of your primary residence. 

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