Divorcing couples must file their income taxes as “married” until the divorce is final. The marital status on the last day of the calendar year will determine the filing status for the whole year. For example, if a couple’s divorce becomes final on December 10, 2013, they will file as unmarried on their 2013 taxes. […]
Tax Issues
Are there any tax consequences to a short sale or foreclosure in WI?
Are there any tax consequences to a short sale or foreclosure if the bank forgives the unpaid part of the loan?
How will the new tax laws impact your divorce settlement in IL?
New legislation magnifies the impact of taxes as there are increased income tax rates, limits on deductions and a Medicare surtax that all became effective January 1st. To estimate how much the embedded tax liability is when calculating the after-tax value of proposed divorce settlements, it is critical to pay attention to key terms […]
How do taxes impact my divorce settlement in IL?
All assets are not equal in a divorce settlement. Retirement accounts have embedded tax liability and a $100,000 IRA may only be worth $75,000 after taxes while a $100,000 investment account may have a $90,000 tax basis and be worth $98,000 after taxes. Anyone going through a divorce should be aware of the impact […]
If my husband doesn’t report all of his income, can I be held responsible by the IRS?
I know that my spouse has not been reporting all of the income he earns on his tax returns, and given that we’re now divorcing I’m wondering if I might be responsible in the future if the IRS finds out?
Can I make my spouse sign a joint tax return if we divorce? We live in California.
Once the divorce is final, you are no longer married and therefore you may no longer file a joint tax return. Even if you were married the entire year and you divorced on December 31st, it causes you to be ineligible to file a joint tax return for that particular tax year. Depending upon the […]
We aren’t divorced yet, and my husband is insisting on our filing a joint income-tax return.
Never let your spouse pressure you to file a joint tax return. First, look at the circumstances. Is your husband forcing you to file a return in which you know he’s not reporting everything? Is he currently not willing to negotiate a settlement with you? Does he have much more taxable income than you? Remember […]
Can I make my spouse sign a joint tax return if we divorce?
Tanya Helfand, a family lawyer in Whippany, answers: While a divorce case is pending and the parties are still married, if it makes financial sense to file a joint tax return to save money, the parties should do so. The Court has the power to compel parties to file a joint return or issue a […]
Will divorce impact my income taxes?
Loretta Hutchinson, a Certified Divorce Financial AnalystTM with offices in Florida, answers: Your income taxes can be affected in many different ways by your divorce. Some examples (using Florida tax rules) might be: Alimony payments are deductible by the paying spouse, but not child support. If you are the receiving spouse, spousal support payments are […]
California Divorce: Can I make my spouse sign a joint tax return?
California divorce attorney Thomas Kendall answers: Can I make my spouse sign a joint tax return if we divorce? Read to see the answer.
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