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Divorce & Tax Issues

Blog 2018 May Divorce & Tax Issues
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Divorce & Tax Issues

Posted By Stepniak & Park || 10-May-2018

Not only can divorce change your lifestyle, but also how you file your taxes. Ignoring the tax implications can consequences of divorce can make the divorce process more painful.

The following are the most common tax consequences of divorce:

  • Tax filing status – Beginning in Year 1 of the divorce, you can no longer file “married, filing jointly.”
  • Dependency exemption – Only the custodial parent has the right to claim the child as a dependent. However, if both parents share equal parenting time, then it is the parent who pays for child support. If neither parent pays child support despite splitting equal time with the child, the higher adjusted gross income will have exemption.
  • Alimony – Under current law, alimony is taxable income to the receiving spouse, while paying spouse can deduct alimony paid for federal income tax purposes. However, after Dec. 31, 2018, the new tax law takes away the deduction for alimony payments, so recipients will no longer have to include alimony payments in taxable income.
  • Dividing property – If one spouse buys the other out of the marital home, the buying spouse will also maintain these tax deductions moving forward. However, if you decide to sell the marital home, there are several tax issues that need to be taken into consideration based on the circumstances leading up to the sale. For instance, if one spouse decides to live in the home pending its sale and continues to pay the mortgage interest and taxes, then he/she would take all of the deductions on their return. If both spouses are still living together in the home pending the finalization of the divorce and are sharing all the interim expenses, they will typically agree to equally split all mortgage interest and taxes paid up until the day that one spouse moves from the home permanently.

For more information, contact our Daytona Beach divorce lawyer at Law Offices of Robert Stepniak today.

Categories: Divorce

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