Dividing an IRA: 2019 Tax & Divorce Law
Tax-Free IRA Transfer for Couples Going Through Divorce. Divorce tax strategies and dividing an IRA. Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I can’t keep up with all of the changes in tax law. I have to worry about keeping up with divorce law. That’s […]
Read More»Are legal fees for divorce tax deductible in 2019?
Are divorce legal fees tax deductible in 2019? Can I deduct a divorce settlement on my taxes? Legal Fees for Divorce: What’s Deductible? What kind of legal fees are tax deductible? Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I can’t keep up with all of […]
Read More»2019 Tax Law: Transfer of Property in a Divorce Settlement
Tax Issues When Dividing Property Due to Divorce. Tax-Free Transfers Incident to a Divorce – What Qualifies? Making Tax-Smart Property Transfers in Divorce. Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I can’t keep up with all of the changes in tax law. I have to […]
Read More»QDRO Upheld Even Though Errors and Variance from Decree
- At May 11, 2020
- By Miles Mason
- In After Divorce, Property Division
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Tennessee case summary on entry of QDRO after divorce. Doris Mpoyi v. Richard T. Mpoyi The husband and wife in this Rutherford County, Tennessee, case were divorced in 2010. Among the assets were the husband’s retirement accounts totaling about $100,000. The wife received 30% as of the date of divorce, with the husband receiving the […]
Read More»IRS Requirements to Deduct Alimony on Your Tax Return
- At April 27, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
- 0
In order to be allowed to deduct your alimony payments, what is required? The IRS takes a dim view of former spouses to game the tax system by disguising property transfer in the form of alimony. Here, we discuss more details on cash payments, not designated as alimony, can’t be members of the same household, […]
Read More»If You Qualify, You Want to File as Head of Household After Divorce
- At April 25, 2020
- By Miles Mason
- In After Divorce, Child Custody, Divorce Tips
- 0
After divorce, filing head of household (as opposed to filing as a single person) can save you real money if you qualify. Unmarried? Keeping up a home? Itemized deductions on separate returns? Who are qualifying persons? What if a qualifying person died? Mason Comment 1: Although I am a CPA, I hire a CPA to […]
Read More»Deducting Costs of Getting a Divorce
- At April 25, 2020
- By Miles Mason
- In After Divorce, Divorce Tips
- 0
Deducting Costs of Getting a Divorce. The IRS takes a dim view of deducting legal costs of divorce. Got it? But what if you are a business owner defending your ownership interest? Is that different? Also, see the discussion below about adding certain expenses to the tax basis of your assets. Mason Comment 1: Although […]
Read More»General Tax Rules for Alimony After Divorce
- At April 24, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
- 0
General tax rules for alimony after divorce. What is not alimony? Difference between child support? What if child support is underpaid? What about payments to persons other than the former spouse? Jointly-owned home expenses? Life insurance premiums? Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I […]
Read More»IRS “Reminders” for Divorced or Separated Individuals
- At April 11, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
- 0
IRS Reminders for divorced and separated individuals: alimony law changed, tax, interest, penalties, social security numbers for kids, ITIN, change of address, and name change after divorce. Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I can’t keep up with all of the changes in tax […]
Read More»Wife Gets Half of Nothing When Husband’s Pension Reduced to Zero
Tennessee case summary on retirement property division after divorce. Kelly Colvard Parsons v. Richard Jearl Parsons The husband and wife in this Shelby County, Tennessee, case were divorced in 2014, based upon a marital dissolution agreement by the parties. Seven months prior to the divorce, the husband had retired from the FAA, where he had […]
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