Have a Tax Question? Ask a Tax Expert
Hello, and welcome to JustAnswer.com While you are married, so long as one of you claims the property you will be fine
However, if you get the property in the settlement then you should claim the income on your tax return once divorced You would not "give" the writeoff to your ex husband...it is your property therefore your income.
If I was legally separated by Dec., do I claim head of household if he takes the write off?
Or do I have to wait until the divorce is final?
If you have been legally separated under a legal document then you are considered unmarried
Oh, so he can't take the write of?
You could file head of household if you pay more than 1/2 the support of a qualified dependent
I pay all the support of my son who is 9.
But do I have to show the alimony from Dec on? How does that work?
Or for the whole year?
To claim head of household you must meet the following criteria:
Okay...if you are considered unmarried at the last day of the year, you are unmarried for the entire year. You would claim your alimony for the entire year
Wow...that is a game changer...
were you legally separated by state law?
By Nov or Dec.
Okay, yes - you are considered unmarried. I'm sorry if this is not optimal
However, you can apply your rental losses against your alimony income to lower your tax liability
And expenses on the rental property? Plus the write off for this property?
My primary residence?
Yes, your rental losses
You would itemize and take the deduction for home mortgage interest and real estate taxes
You're welcome. I'm sorry if this is not good news for you
Well, if I get the write of for the house then it should be ok, yes?
I would think so, but I don't know how much income you have and what your writeoffs are
but your tax will be much lower
I ddidn't think I was going to be writing off anything. I only have the alimony for my income.
Alimony is taxed just as any other income
Yes, I know...Where I can see what my write off's can be?
it is whatever your rental losses are, plus your mortgage interest and real estate tax
So if I am not working (I was a student all year) then that's all I have to worry about?
Yes, your rental activity and your alimony
What about medical, dental etc?
You can write that off to the extent that it exceeds 7.5% of your income
You can take the childcare tax credit as well,
and the American opportunity credit if you are in your first 4 years of school
Is that 7.5% after my property write offs?
The lifetime learning credit if you are in grad school or have already gone to school for 4 years
Yes, it would be after that but before your itemized deductions
Does gardening expenses count? or house maintenance
For your primary residence, no
for your rentals you could write that off
OK. Well, I certainly thank you for all of your help..This is why I am divorced:)
I am here to help any time you need tax assistance
You really have been of tremendous help to me.
You can ask for me directly
Once you are finished with our conversation, please rate my response "excellent" so that I may receive credit for assisting you
OK. I will keep your info. I am sure you will hear from me again....I will contact you regarding my fathers issues. He just lost his wife and I am handling all his affairs. I lost two people in my family this year ( already lost a daughter). I have serious Trust and Probate questions I will need to deal with as well.
The trust and probate questions would need to go to an attorney
But, we have those here...we have a lot of excellent attorneys
I will. Thank you so much. Do you have experience with financial planning?
A little...you can post a question for me in the finance section if you need to
OK. Thank you very much. Have a great day!