Boat Loan Deductions
I make twice what she does, but have no deductions?
I had to keep house and the loan payments do not pay state keep my attorneyup (37,500). My base salary is 56k.hers wantshouse 26k.she is my truck all the heritage, boat, motorcycle, copays insurance coverage, including paying me to stay out of the house, truck and boat, all attorney fees, and 1500. per month for maintenance life.Now what you all think of this? My court date is June 20/12/2007
Ok, bad lawyer jokes … First hand, even in a community property state like California, any thing you own before marriage is still yours. Your items only aquiered while married when one spouse has no legal claim for possible him. If you own your truck, motorcycle, boat, etc. before getting married and are in their name, they are yours, she can not take them. Technically, the same applies for if it were your home BEFORE YOUR STILL HAVE, if you bought the house for yourself and / or a previous partner, has no valid claim to it (unless you changed the original document to include your name after marriage). Medical / Health Insurance – You can legally be requiered to insure their children after divorce, but once the divorce is final you are no longer responsible for it since she is no longer her husband. I seriously doubt you'll have to pay your health insurance maedical /. (See below for payment / Heath co-pays and medical bills) Regardless of whether she has a particular piece of property (house, automobiles, etc.) if she is having to pay for everything, then tax scholar who can not benefit. Once the divorce is final, all payments just count what you do on your tax return, not hers. Make sure thurough keep records of all your payments, so you can prove you did these payments and did not. Paid directly to the mortgage company or institution, DO NOT send money to HER, otherwise you will not have any proof that you were the one who actually made those payments. ** You can not have the house, but since you are the person pay all property taxes and mortgage on it you are the one who can put it in a Schedule-A and use them as part of you itemized deductions. She can not YOUR PAYMENTS CLAIM to the mortgage company for the house. ** You can not have a car, boat, truck or motorcycle, but since you are the person paying the tax on personal property on them to register them with the city you're the one who can put the payments in a Schedule-A for your deductions. She can not YOUR PAYMENTS claim on personal property taxes PAID TO THE CITY -. ** Medical / Dental co-pay again, you may be legally liable to pay some the medical expenses of their children, but are not responsible for their co-payments and medical expenses. At most, you only need pay 50% of expenditure Medical her children, she must pay the other 50%, as is also his responsibility. Any payments you made for yourself and your children count as medical expenses in Annex A for deductions, it can not CLAIM YOUR SHARE OF YOUR OWN ONLY – Child. Support If divorce requires you to pay "Child support" … Sorry, no deductions or special tax considerations. DO NOT PAY nannies / nursery for their children unless the divorce decree allows to claim them as dependents qualified for that specific fiscal year. If she needs a nanny to go to work, she can pay herself, who is part of what is for child support. Alimony! If any / all that 1500 per mouth, she is demanding is defined as alimony, by a decree of divorce, then, you can deduct that amount on his return [Form 1040, 31st line, alimony paid "] and she must report it as income [Form 1040, line 11, "Food has received"] so you will pay less taxes, she will pay more child support, whether it is involved. If alimony is involved, so here's some news that may prevent you from having to pay legal fees for your divorce … His legal fees for divorce alimony is involved can be deducted on your schedule-A, line 23, under "other expenses". Typically, staff of attorneys' fees are not deductible unless it was to acquire passive income. Receipt of alimony is considered taxable income hence their legal fees for divorce may be deducted … your legal fees for divorce (or her if you pay them) can not be deducted because you are not the only one to receive a pension. So the trick is to point the only thing this can actually be deducted (all legal fees involved who had their pension the food) that the path tch b! greedy will pay their own attorney fees. Want to know the cool part? He probably will not make it well … Mwahahahhahha! = P First, only part of his legal fees that exceed $ 520 (ie 2% of your 26k) are actually deductible on schedule A, because the limit. Secondly, specifying the deductions (ie using a Shedule-A) will only help if the total amount (of medical expenses, mortgage, property taxes, charitable contributions, etc.) is higher than your standard deduction (ie $ 5350 or $ 7850 for a per family head) if there is doen't help her. Considering she did not pay much for any of the things listed in a schedule (other than her legal fees), it is unlikely that she'll have enough. So, in this case it can not even get any tax benefit form it. = P Do not be fooled though … the others are right, get a good lawyer, because if you do not properly resolve and indeed Sign on things you should not be, you will not be able to do any of those things. Make their research work and some more things with your lawyer before concluding anything. One last note … Be sure to change the beneficiaries on all policies your insurance, 401k, and will and take his ex-wife out of them all and put their children or other relatives in their place. That way if something happens to you nothing will for her. Look to the creation of his will so that everything that their children are placed in a trust and managed by a neutral entity which way your ex-can't boot up your children their inheritance. Form 1040 Schedule http://www.irs.gov/pub/irs-pdf/f1040.pdf-http: / / www.irs.gov/pub/irs-pdf/f1040sab.pdf Agenda Form-A Instructions http://www.irs.gov/pub/irs-pdf/i1040sa.pdf
How an Interest Only Loan Works
