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Divorce involves the division of all marital assets and many other financial issues. Many tax laws come into play during a divorce, so beware of the following tax problems before, during, and after your divorce. Property Division The transfer of property from one...
Innocent spouse relief can be an effective way to escape from liability for your spouse or former spouse’s tax debt. There are three types of innocent spouse relief, and each has its own costs and benefits. Traditional Innocent Spouse Relief Traditional relief can be...
Several factors can influence how long you have to file an innocent spouse relief request, including: Which type of innocent spouse relief you are requesting When you became aware of the tax liability that you are requesting relief from If requesting equitable relief,...
Divorce has many financial consequences, including big changes to your tax situation. Not only will your tax return change, but your property settlement and alimony also have important tax consequences. Property Division The tax code allows most transfers incident to...
There is no limit to how many years of innocent spouse relief you can request. However, other factors may limit how many years of innocent spouse relief you will qualify for. Two-Year Limit to Request Relief For two of the three types of innocent spouse relief, you...
Equitable relief is the only type of innocent spouse relief that can be used for unpaid taxes. The other two types of innocent spouse relief can only be used for understated taxes—amounts that were improperly reported on your return and were later adjusted by the IRS....
You can use any of the three types of innocent spouse relief for taxes that were underreported on your return. Underreported taxes can be the result of any of the following incorrect items: Income was underreported on your return. Deductions or credits were claimed...