No. That’s why people get married at the end of the year sometimes—because the IRS considers your marital status to be whatever it was on December 31 of the tax year.
2) Who gets to claim the children as dependents? This is a terrible rule, but it is the rule—the parent with more than 50% parenting time gets all the dependency exemptions. It’s one more example of how the tax code doesn’t even make sense and also marginalizes the primary income earner.
3) What do people need to know about capital gains taxes? Capital gains taxes hang around the neck of many assets, so the asset is worth less than the selling price or the balance, because the taxes have yet to come out. You have to consider capital gains when you divorce.
4) What if we’re audited later for a past tax return? You will both be responsible for any refund or liability, so don’t assume that you can shove it under the rug, be divorced, and that’s all the IRS can do.
5) Who will pay the taxes on the property that is retained after the divorce? Whoever keeps the property will pay its taxes, so consider the tax burden when you figure out who is getting what.
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