Advanced Tax Considerations in Divorce
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Discover 8 advanced divorce taxation tips that will help prevent potential tax issues that can occur during a divorce.
Many divorce attorneys and forensic accountants who are involved in marital settlement agreements and complex litigation are not familiar with how to convert interest on an equitable distribution payment to alimony and are not familiar with the rules related to innocent spouse and other tax related issues to be considered in marital settlement agreements. This topic will help you with tax planning ideas related to marital settlement agreements and complex litigation. Converting interest into alimony, determining the time to file for innocent spouse relief and assist in negotiating complex tax issues in marital settlement agreements will also be discussed.
AuthorsPhilip J. Shechter, CPA/ABV, CVA, Cherry Bekaert
Tax Tip #1 - How to Allocate Capital Gains on Sale of Real Estate
• IRC Section 1041
• Sale of Real Estate Owned by a Partnership, LLC or S Corporation
• Sale of Principal Residence
Tax Tip #2 - How to Convert Interest to Alimony on Equitable Distribution Payments Between Spouses
• Internal Revenue Code 71 /Alimony (Deductibility) Basics
• Payments to Support Children
• What If Tax Returns Don't Match?
• Front Loading Rules
• Temporary Support
• Unallocated Support
• Lump Sum Alimony
• Steps to Treat Interest as Alimony
• Issues Related to Interest as Alimony
Tax Tip #3 - Injured Spouse vs. Innocent Spouse
• Is Your Client an Injured Spouse?
• Is Your Client an Innocent Spouse?
Tax Tip #4 - Reminder on Filing Status
Tax Tip #5 - You Can Amend Tax Return to Married Filing Jointly
Tax Tip #6 - the Dependency Exemption
• Dependency Exemption
• Tax Savings
• Head of Household
• Child Tax Credit
• Dependent Care Credit
Tax Tip #7 - Transfers of Retirement Accounts
• Distributions From Qualified Retirement Plans
• IRA Transfers
Tax Tip #8 - Income Tax Indemnification
• Without Prejudice
• Agreement to File Jointly - Cross Indemnification
• Agreement to File Jointly - One Party Indemnifies Other Party
• Other Issues