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How are you this morning
To be taxable alimony, it must be paid under a decree of divorce or separate maintenance
I have another question. If my soon to be ex only starting paying alimony later in the year, do i have to claim it for the whole year?
So, if your husband was paying you prior to the separation, that amount would not be taxable to you
So only the last month?
You pay tax on the alimony that is paid under the decree of separate maintenance
Before that, it is not taxable to you or deductible by him
So to be clear, only form the time of the SEP agreement? But I get the write off for the house from the whole year?
Yes, you would write off the house the entire year. You are considered unmarried at the end of the year if you are under separate maintenance agreements. The only reason your alimony is not taxed the entire year is because you were not under a legally binding agreement until later in the year.
Before that, it's like a gift
Ok. Life just got good again:)
Yes I have linked to the IRS page that discusses alimony, in case you want to do some reading about it.
Also, I bit confused on the Scottrade Mutual funds I have that were in our trust that I juts got transferred into my name out of the trust. Should I have an accountant look at that. I liquidated alot to have back up money becuas eI didn't know what he was going to do. They were given to me in the settlement.
Sorry about the typos.
That's fine. Yes, I would have an accountant look at everything if you are unsure
ok. Thank you:)
Is there anything else you need today, Gigi?
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If the primary house loan is in my husbands name and I am on title and I pay the mortgage, can I still write it off?
If you paid the interest, yes. You would report the interest on line 11 of schedule a instead of line 10 because line 10 matches what is reported by the banks to the IRS records
So, if the loan was not in your name, place the interest on line 11 if you are the one who actually paid the mortgage
OK. Great! Thank you!
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I think I am doing good...I'll let you go for now:)
You're welcome. Please don't forget to rate!