The ending of a marriage impacts how you file taxes.
While we are a family law firm that handles dissolutions and divorces, and we do not practice tax law in any form, we do know there are a few issues you should discuss with your tax professional when filing taxes during a divorce. We want to highlight some of these items today.
First, you will need to discuss your tax filing status with your tax professional. When we talk about “status,” we are referring to filing your taxes as “married filing jointly”, as “head of household”, or in another status.
Second, you should identify what child tax credits are available to you and/or your spouse and decide who is eligible for taking which credits.
Third, you should discuss what to do with any capital gains taxes triggered by the property distributions in the divorce.
Fourth, the division of retirement assets should be considered to see if any tax implications arose from the transfer.
Fifth, be sure to discuss child and spousal support to learn if your taxes are affected.
Sixth, talk about how your family will handle itemized deductions, if you are taking them; and specifically, who is taking any mortgage interest deduction.
Seventh, discuss your liability for any prior taxes owed and on any prior returns filed in the event of a possible audit.
Eighth, agree upon how you will be divide any refunds issued by taxing authorities.
These are some of the topics for discussion with your tax professional. But, remember, there could be more. Have a good discussion with your tax professional and make sure they at least cover these points above to ensure you are properly cared for when filing returns.
Then, update your family law attorney with your findings and decisions so they are kept informed.
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