Table of Contents.

Description:

Understanding the complications and economic effects of a divorce at the tax level reassures your clients their returns have been properly prepared. As a tax professional, it’s your responsibility to explain the tax implications of divorce, and report income and expense correctly on the individuals’ returns. When children are involved, it can be tricky to determine which taxpayer can claim an exemption for a child. Learn how to distinguish between child support and other payments, as well as everything else you need to know to prepare a return that will best represent your client.

Tax Issues of Divorce covers:

• Identifying the most appropriate filing status for separated or divorced taxpayers.
• Exceptions to both spouses being jointly and severally liable when filing a joint return.
• Distinguishing which parent is eligible to claim a child as a dependent.
• The difference between custodial and noncustodial parent for tax purposes.
• Differentiating between alimony, child support, and property settlements.
• Tax treatment of a qualified domestic relations order (QDRO).
• Determining if a divorced taxpayer has a carryover of an NOL, capital loss, or passive loss.
• Assessing community property state complications.

Product Details:

Level: Intermediate level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Electronic

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