Property settlements are not deductible, and sometimes such settlements are arranged to look like alimony in order to be deductible. If you make payments that decline by more than $15,000 in the secon...
Taxpayers who are required by a court to make payments to a spouse or former spouse can deduct such payments. The payments may be called alimony, support, or spousal maintenance, depending on state la...
Divorced or separated parents may be ordered by a court to make support payments for a child of the marriage. Even an unwed parent may be instructed to support his or her child. The recipient of child...
Even if you do not provide more than half the support of another person, you may still qualify for a dependency exemption ($3,700 in 2011) if you have a multiple support agreement. This agreement appl...
When parents are divorced, separated, or never married, which parent claims the dependency exemption for the couple's child? Special rules apply. The exemption belongs to the noncustodial parent if th...
Affluent couples may own more than one home. If they split up, one spouse may wind up with the couple's main home while the other gets the vacation property. What are the tax results of this or other ...
The marital home may be a couple's largest asset. Often, in the course of splitting up, the home may be sold so the proceeds can be divided and each spouse can move on. Sometimes one spouse remains in...
If you revert to a maiden name following divorce, be sure to notify the Social Security Administration so the correct name can be tied to your old Social Security number. Failure to do this can mean y...
If you receive payments from your child's parent (your former spouse) for the benefit of your child, they are not taxable. Regardless of amount, child support is fully tax free. If you make child supp...
If you receive alimony, spousal support, or any other payments from a former spouse that are not treated as child support or part of a property settlement, you must report the payments as alimony. The...
Your filing status on the tax return filed for the year of divorce depends on marital status on December 31. If the divorce becomes final by that date (or you have a decree of separate maintenance by ...
The marital home may be a couple's largest asset. Often, in the course of splitting up, the home may be sold so the proceeds can be divided and each spouse can move on. Sometimes, one spouse remains i...
The marital residence may be the single largest asset and the biggest bone of contention during the course of a marital dissolution. Couples may own their home jointly, or it may be in the name of onl...
Affluent couples may own more than one home. If they split up, one spouse may wind up with the couple's main home while the other gets the vacation property. What are the tax results of this or other ...
Filing status the year of divorce Your filing status on the tax return filed for the year of divorce depends on marital status on December 31. If the divorce becomes final by that date (or you have a ...
Today, more people than ever are staying single. Men and women are marrying later, more people are divorcing, and more are simply choosing not to marry. Fortunately, for the most part, the tax law shi...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Life Insurance Proceeds
The beneficiary of a life insurance policy generally can receive the proceeds free from income tax. There is no requirement that the beneficiary be related to the insured (the person on whose life the insurance is based), and there is no limit on the amount of proceeds that can be received tax free.
Life insurance proceeds you receive on account of the death of the insured are tax free to you. There is no dollar limit on the amount you can receive tax free.
One-third of all non-cash charitable contributions (stock, land, art, etc.) were made by taxpayers with adjusted gross income (AGI) of $10 million or more. The average donation in this income category was $2.4 million, or 7.2% of their AGI.
Source: Spring 2010 Statistics of Income Bulletin
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