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The Intersection of Divorce and Taxes
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Divorcing couples have a whole host of problems to work out and many times the tax implications are way down the list of priorities. Sometimes these implications are not considered at all. Here are the most important tax aspects to consider for people who find themselves in this situation:
If you are divorced on 12/31 – you cannot file a joint tax return for the year. If you are still married on 12/31 and do file a joint return – this cannot be undone by amending the return. You both will be jointly liable for the taxes. Transfers of property between spouses is not taxable. But beware, the tax attributes such as the basis for calculating gain or loss stay with the property. The rights to all or part of the benefits of a pension plan can be assigned to the non-owner spouse. This is done with a judgement, decree, or order that is known as a Qualified Domestic Relationship Order (QDRO). If there is any investment basis in the pension plan, it will be divided up. Alimony payments for divorce or separation agreements made after ... more

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