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Hi all,
Those of you keeping score at home know that I am in the process of being divorced by my wife.
I am trying to figure out the effect of this on our taxes. I have searched on the IRS website, and only came across pub 504, which says to split our predivorce income and withholding 50/50 since we live in a community property state. I also spoke with a local IRS rep who says that the profit from the house we sold should also be split 50/50 and we each get a $250,000 exemption (we sold the house while still married and we both meet the 2/5 rules for living in it and owning it).
There are a lot of other "tax items" that I need answers on though: dividends, interest, charitable contributions, state income taxes, real estate taxes, capital gains, etc.
Does anyone have any answers besides "go visit a CPA"? In lieu of that I'm just planning on reading through the instructions and assuming that if I follow them very carefully I should be OK. I have done our taxes for the last fifteen years and know how to deal with everything in our former MFJ situation.
Also, can I file as HOH?
Other information:
1. I am being assigned the exemptions and child tax credits for the three kids every year.
2. We live in a community property state.
3. Custody will be approximately 65 her / 35 me.
4. Divorce is expected to be final before the end of 2006.
If y'all want additional information let me know and I can probably provide it.
2Cor521
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"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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