Six Tax Tips for new divorced

Six Tax Tips for new divorced

Here are some tips for taxpayers who faced 15 April as the date new single:

1. Filing separately, together or married filing separately: If your divorce was finalized in 2014, you filed your taxes separately. However, if your divorce was not completed until December 31, you have “married filing separately” the possibility of filing a joint return or. A joint statement is likely to result in a smooth control class and larger deduction. However, you will not be able to claim deductions for alimony or child support, and each spouse can be held responsible for errors in the tax return.

2. Access Maintenance: The recipient of alimony to pay taxes on it – as you would with a regular income. Whoever has the board able to make their payments deducted.

3. Income Taxes Child Support: Unlike the maintenance needs of the beneficiaries of services for children do not pay taxes on it and the person who does not get into a position that payments deducted.

4. Application of load: Only a parent can claim the child as a dependent. The custodial parent has received the request of the child, unless the parties agree otherwise.

5. Mortgage interest deduction: If you are able to keep the house in the divorce were, you might be eligible for one of the most lucrative tax breaks – the mortgage interest deduction – and tax deductions land. However, if the house is still co-owned, both spouses can be half the tax deduction.

6. Tax on Your Divorce Lawyer: You can take a tax deduction on divorce lawyer fees not do that unless paid when they are trying to produce or collect taxable income or trying to get a refund of fees tax. Long story short, you can take a deduction when a lawyer as the work of maintenance with you on tax matters.

  • Partner links