Another TAX ?

[rwise]

Many of you know that I got a divorce last year. We are going to file separate returns, but both are itemizing. We have many things going on, sold a property, several joint deductions, etc. How do I "split" the deductions with her? Do each of us just take half? Other than my son which I am supporting and will claim myself, I am willing to split every thing with her.

 

[RubberFrog]

Re: Another TAX ?

Get a tax guy. This is not an amateur situation.

 

[Mark42]

Re: Another TAX ?

When I got divorced, we filed a joint return that year and split the rebate. Worked out to be less hasle. We also had no kids, so that made it easier.

 

[deputydawg]

Re: Another TAX ?

Most people I see going through divorce with a lot of tax things like you have file jointly the first year. Then split the return. It might actually help because if she is willing you can claim her as a dependant.<br /><br />I don't know how good your divorce is going, but it might be a good idea to have your lawyer look things over. I have seen tax returns and filings get tied up in divorce court before. This is definately a job for a pro this year.

 

[rwise]

Re: Another TAX ?

the divorce is final, since Sept 8 at 9:30 am. She was not going to do a long form until she found out how much she has to pay in. If I file without her I'll get some money back, with her I'll get nothing back just like last year and the year before etc. And I have thought of using a pro this year, not out of the question.

 

[deputydawg]

Re: Another TAX ?

Check with a pro. I am probably wrong but it seems like there are some tax loupholes for people the year they get divorced.<br /><br />Also make sure she can not grab any of your return. Don't know what kind of person she is, but I have been in the court room enough times. When lawyers get wind of a good tax return the first year they find ways to cinvince their clients that they deserve half. Might not be a concern in your situation.<br /><br />I am so glad I am poor enough all I file is the 1040EZ, E-file and grab all of the poor people deductions. No need to itemize here.

 

[txswinner]

Re: Another TAX ?

You are talking about probably less than $200 for a personal return by a pro (that does not mean a two week trainee without an accounting degree.) If it eliminates an audit that alone is worth the money. I have an undergrad accounting degree, MBA and still hire an accountant.

 

[rwise]

Re: Another TAX ?

so far the only thing that is mine that she has not given me back is my heart! everthing else she has been fair about. She is just looking for a way to NOT pay in, and I can't blam her for that, just hope it doesn't cost me to much. I think I will talk to her about doing the pro thing!

 

[jtexas]

Re: Another TAX ?

You can NOT file a joint return if you were not married on the last day of the year. You most likely qualify for "Head of Household" status in 2005. After '05, it depends on the custody arrangement - it's complicated.<br /><br />Is Oklahoma a community property state? I think it's not. In that case, absent any specific reference to tax attributes in the divorce decree, your salaries, wages, and withholdings go straight to your separate returns. Deductions like mortgage interest, taxes, charitable contributions, paid through September 7 should most likely be split. Those paid after are deducted by whomever paid 'em. The divorce decree probably tells ya who gets the exemption & child tax credit for your son. Property sold during the year...before the divorce, I assume...depends on whose separate property it was...if jointly owned, you should each report half the proceeds and half the cost.<br /><br />You file your return the way you think it should be - what she does with her's is irrelevant. Things like interest & taxes that are reported under your SSN only - to be completely fair, you should let her know the amount. On your return you show the full amount, then a negative number identified as "PAID BY [name][ssn]".<br /><br />Alimony? that's a whole nuther can of worms.<br /><br />good luck

 

[SpinnerBait_Nut]

Re: Another TAX ?

rwise, were you all together for over half the year?(2005) That will raise another question.

 

[SpinnerBait_Nut]

Re: Another TAX ?

rwise, call this number 1-800-829-1040 for individual tax questions. They will be able to answer your questions.

 

[KRS]

Re: Another TAX ?

If the divorce decree didn't settle the deductions/expenses, then you may need to get a cpa and an attorney, hope just a cpa will do it for you, without mediation.<br /><br />I would definitely hire it out, so an impartial 3rd party does the taxes.

 

[rwise]

Re: Another TAX ?

thanx guys

 

[18rabbit]

Re: Another TAX ?

How much money are we talking about here?!? At the end of the day, it may be in everyone best interest and a hell of a lot cheaper to file jointly and just give her ½ of the returned $$$. Likely to cost less than the atty fees alone. Yeah, you’re out a few bucks, think of it as a “stupid tax” for something stupid you did at some point in your life. One-time tax, then you are cleared from here on out.

 

[jtexas]

Re: Another TAX ?

Originally posted by 18R:<br /> How much money are we talking about here?!? At the end of the day, it may be in everyone best interest and a hell of a lot cheaper to file jointly and just give her ½ of the returned $$$. Likely to cost less than the atty fees alone. Yeah, you’re out a few bucks, think of it as a “stupid tax” for something stupid you did at some point in your life. One-time tax, then you are cleared from here on out.

And, you're very unlikely to get any actual jail time.

 

[rwise]

Re: Another TAX ?

I did call the IRS ? line, I cannot file joint because I was not married on 12/31/05, have to go back to the finance co's and get 1098's that reflect 50% to each of us. It would have been much easier to file joint one last time! Now if I could just sell the last property we have!