SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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
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