- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
OT tax question....
Posted on 2/12/15 at 12:04 pm
Posted on 2/12/15 at 12:04 pm
Divorce in 2014. Previously owned two homes. Each of us took one. House #2 was rented for half the year, then lived in after divorce. So hence there was marital income for that half of the year from the rent. Does that get split between us two?
What about full claim of mortgage interest? Split, or each take the deduction of the house we own at the end of the year?
What about full claim of mortgage interest? Split, or each take the deduction of the house we own at the end of the year?
6
Posted on 2/12/15 at 12:05 pm to Tiger in Gatorland
Money Talk may be a better option for you to get an answer/
Posted on 2/12/15 at 12:05 pm to Tiger in Gatorland
Ask a tax professional please.
Posted on 2/12/15 at 12:05 pm to Tiger in Gatorland
Claim all deductions for yourself... split all income w/ her.
Posted on 2/12/15 at 12:23 pm to Tiger in Gatorland
Was it not spelled out in the divorce decree?
Posted on 2/12/15 at 2:05 pm to Tiger in Gatorland
Were the houses and the expenses and the debt joint? Or were you in a community prop state without a prenup?
Understand divorce atty doesn't want to give tax advice, but the decree should have spelled out how the money would flow. And if you can follow the money, you can figure out the tax implications.
Understand divorce atty doesn't want to give tax advice, but the decree should have spelled out how the money would flow. And if you can follow the money, you can figure out the tax implications.
Posted on 2/12/15 at 3:40 pm to Tiger in Gatorland
Divorce really complicates preparation of tax returns. The best solution for both parties is generally achieved if there is cooperation since some of the income and deductions will be allocated between the ex-spouses, and it will be beneficial to report on the tax returns as nominee amounts. It also helps avoid items going unreported, or partially reported through lack of communication.
It is likely too late to do anything about, but the party who took House #2 will have tax issues due to the depreciation allowed, or allowable, on House #2 while it was used as a rental property. That person will have gotten 50% of the benefit of the deduction for the depreciation, but that person will bear 100% of the burden for all depreciation recapture, and the lower adjusted basis resulting from the depreciation.
Divorce lawyers seldom want tax accountants involved in negotiating property settlements, but sometimes that can be detrimental to their client's interests.
It is likely too late to do anything about, but the party who took House #2 will have tax issues due to the depreciation allowed, or allowable, on House #2 while it was used as a rental property. That person will have gotten 50% of the benefit of the deduction for the depreciation, but that person will bear 100% of the burden for all depreciation recapture, and the lower adjusted basis resulting from the depreciation.
Divorce lawyers seldom want tax accountants involved in negotiating property settlements, but sometimes that can be detrimental to their client's interests.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News