The overhauls to the tax system that went into effect last year have made matters a bit more complicated for divorcing spouses. Under the new system, alimony payments are no longer tax deductible for the person paying them, and are no longer considered taxable income for the person receiving them, which reverses a practice that… Read More »
If you and your spouse own rental properties together, you are allowed to continue renting it out after your divorce if you wish to do so. However, you’ll need to come to a mutual decision about how you’ll divide these rental assets and the tax bills. As far as the IRS is concerned, whether you… Read More »
One of the most important tasks to complete when going through a divorce is planning for your financial future. A part of this is determining your tax outlook after the divorce is finalized. Paying taxes is always at least somewhat complicated, but a divorce can make matters even more difficult. However, with the help of… Read More »