Getting a divorce? There are tax issues you need to understand.
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. For example, if you sell your personal residence or one spouse remains living there while the other moves out, you’ll want to make sure you’ll be able to avoid tax on up to $500,000 of gain. You also must decide how to file your tax return for this year (single, married filing jointly, married filing separately or head of household). There are several other issues you may have to deal with. We can help you work through all of the financial issues involved in divorce.
Please call one of our tax managers on (973) 298-8500.