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Girl-punching-boy-with-boxing-glove Debt Relief for Divorcees

Getting divorced can be a financial swamp. After all, not only do you no longer have two incomes, but suddenly you have more bills than ever to contend with, and at tax time, nothing can be worse. Fortunately, there are a few tax breaks which may lead to some debt relief for those who just got divorced. Take a look:

Tax Breaks for Divorcees

Legal Fees
Don’t get too excited. In many cases, you can’t deduct the mountain of fees you’ll be paying your lawyer during the divorce process. However, there are a few places where you can make some legal fee deductions. If your lawyer is working on alimony or associated tax issues, a portion of the bills is deductible. Keep in mind, though, that your attorney has to break out the tax related portion of the bill so you can prove it during an audit.

The custodial parent usually gets to claim the kids on the return, but in the event that the other parent signs a waiver agreeing not to claim one of the children, you can use them on your return. Unfortunately, that also means your ex can’t claim the child credit and any college credit, so it’s possible, but not likely.

Filing Status
If your divorce wasn’t final as of December 31, you can still file a joint return and that means better options. If that, however, isn’t a choice, you may be able to file as head of household after the divorce if you had a dependent living with you which may be some tax debt help.

Medical Costs
Still paying your kid’s medical bills? They count in your medical-expense deductions, even if you don’t have custody of the child. That may help you get over the 10% threshold you need to make the expense deduction.

Asset Transfers
You won’t pay taxes on any property you shift to your transfer. The property tax basis shifts as well, so you may have to pay capital gains tax on the appreciation before and after the transfer, but it’s worth a look.

Real Estate Sales
If you decided to sell your home as part of the divorce, do it soon. There are capital gains taxes if you don’t. Normally you can avoid tax on the first $250,000 of gain if you owned it and lived there at least two out of the last five years, but for sales after divorce, you and your ex can both exclude that amount. Even if you didn’t do it by the time limit, you may still qualify for a reduced exclusion.

Retirement Accounts
Those who are divorced may also enjoy some bonuses for IRA contributions. Taxable alimony counts as compensation for making IRA contributions, so you could contribute up to $6,500 to a traditional or Roth IRA.

Divorce is never pleasant, but with the right tax breaks, it certainly could be a little easier to swallow.

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