GIFTS AND LOANS Exceptions to Gift Tax and Property Settlements: Generally, there is no federal gift tax on transfers of property between spouses. (See IRC Section 1041). However, the transfer of property between spouses must qualify under one of the following...
1. Married filing jointly: Married taxpayers may elect to file a joint return or file as married persons filing separately. A husband and wife can file a joint tax return provided that a final decree of dissolution or decree of legal separation has not been filed on...
Who Can Claim a Child as a Dependency Exemption: The dependency exemption for a child will be awarded to the parent who has physical custody of the child for the greater number of overnights during the calendar year. If the child spends an equal amount of time with...
There are numerous tax issues that may arise as a result of divorce. It is highly recommended that clients seek the advice of a qualified CPA regarding taxable events pursuant to a divorce. The purpose of this article is to address commonly asked questions regarding...
Itemized Deductions: Another common tax question in divorce is which spouse is able to claim the itemized deductions when the divorce is complete. It is always a good idea to address these issues in the settlement agreement and divorce decree so everyone is clear who...
