Customer: Hi! I'm trying to find a solution to fairly and lawfully split the income
from a share in a chain of urgent cares in Oregon. My ex-husband technically can only own the share because he's a physician and the bylaws state
all owners must be physicians. We invested when we were married. He agreed to a lot me 40% of all income. Now that the settlement is final, he's freaking out and we're getting letters from his attorney stating that there is no way for me to have the money and I must be bought out. Do you know a good way to do this tax
wise? My attorney states a K-1 on his tax return
is the best way. I'm wondering if there's other ways?
JA: Thanks. Can you give me any more details about your issue?
Customer: Basically the issue is disentanglement. Originally he had no problem simply having 40% put in my account and 60% in his. He and his attorney now state we'd still be financially tied together. There's also concern that my tax bracket is lower than his, therefore why should he pay the tax at his rate
, etc. The K-1 seems like a good choice and they originally agreed but now that it's almost over (it's been going on almost 3 years!) he's claiming that that's too complicated. It's ridiculous. I'm just searching around the web to see if anyone has a solution but I can't find any info on this weird scenario.
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.