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We recently divorced during this tax year, no contest, wife…

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We recently divorced during...

We recently divorced during this tax year, no contest, wife filed against husband, in New Mexico, but we will remain living in the same house and sharing all expenses 50/50 for the home, food, utilities, etc. No children. So legally we are divorced but not separated. How should we file tax returns? can we file as single individuals, single returns? former husband earns the bulk of income, 80% to 20% for wife. If we file separate returns, how do we allocate mortgage interest, taxes, etc as deductions? We have a joint married return large unclaimed short term capital gain taxable loss that we previously took $3,000 each year as a deduction. This year we are selling stock that we own individually at a loss, it will be a short term capital loss. How do we deal with this on our taxes? the asset that we are selling and individually own will be just about the amount of the unclaimed short term capital loss that is being carried on the joint return.

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New mexico

Accountant's Assistant: Has anything been filed or reported?

The divorce has been filed and granted in this tax year, 2017 but no tax return for 2017 has been filed yet and the sale of the asset has not taken place yet

Submitted: 9 months ago.Category: Tax
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8/1/2017
Tax Professional: Barbara, Enrolled Agent replied 9 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,992
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are divorced, you will each file as single on your respective tax returns. It does not matter if you live in the same house.

You will each claim your proportionate share of deductions for mortgage interest, taxes, etc. If you each pay half for those expenses, you will each claim half on your respective tax return.

The same holds true for the loss on the sale of stock. You will each claim 50% on your respective tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
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