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Things To Remember When You File Taxes After Your Divorce

Taxes and Claiming Dependents After Divorce | Attorney Jeffrey M. Bloom

Things To Remember When You File Taxes After Your Divorce

If you have been recently divorced or were divorced last year, it time to start thinking about your divorce tax situation, because the truth is, you could be facing a much different set of tax issues this year.

Who Claims The Kids?

Each dependent child you claim on your tax return could be worth up to a $1,000 child credit, up to a $2,500 credit for the American Opportunity higher education credit, and up to $2,000 for the Lifetime Learning higher education tax credit.
Should you share custody of your children with your ex, and then things can get a little trickier. Typically, the parent who spent more time with the children in the prior year has the right to claim them; however, you can also negotiate with your ex-spouse to determine who will claim the children. Either you or your spouse can sign a waiver saying you will not claim the children this year. This is your choice.

After Divorce, Your Tax Filing Status Changes

The very first thing you need to know before you start filing your taxes this year is your filing status. Your tax bracket, available deductions, and overall tax bill will be hugely affected by whether you file jointly with your spouse or file separately. If you and your spouse are officially divorced by December 31st of the prior year then you will have to file separate taxes. It’s important to remember, if you are the custodial parent of at least one dependent child, you can file as a head of household and receive a much larger standard deduction and lower tax rates.

If You Keep The Home, You Keep The Taxes

If you kept the home after the divorce, then not only will you have to shoulder the monthly mortgage payments on your own, but you’ll also have to cover the full amount of property taxes as well. However, you will not have to pay taxes on the property transfer.

Are You Paying Or Receiving Alimony?

If you are paying your husband alimony (also known as spousal support or maintenance), you can deduct those payments from your taxes so make sure to not overlook that. (Find out if you will have to pay alimony to your ex-husband.) You cannot, however, deduct child support payments, so don’t try to get away with deducting more than is legal. If you are receiving alimony from your husband, you must report the amount as income on your tax return.

After The Divorce, Know Your Deductions

As a result of your divorce, you may be surprised to find out just how many additional deductions you can take as a result.  If, for example, you paid a financial consultant to help you understand your tax situation before you divorced, you are able to deduct that cost. You can also deduct any medical costs you pay on behalf of your children even if you are not the custodial parent, as well as work-related expenses. It’s always wise to consult with an accountant to make sure you are getting all the advantages that you have coming to you.

Going through a divorce is never easy for anyone. There are so many unknowns and if you have children, their well-being is always a huge part of the equation. That is why you need an experienced advocate in your corner. Someone who knows the law and has the wherewithal to fight for what you deserve.

Contact Divorce Attorney Jeffrey M. Bloom Today

Jeffrey M. Bloom is a talented and experienced divorce attorney that you can put your trust in. Call Mr. Bloom at – (805) 208-3650, meet with him and you will quickly see you have found your advocate, the person who will guide you through this very stressful period of your life.

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