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Any property transferred as part of a divorce keeps its tax basis. There is no step-up basis loophole in divorce proceedings. For example, say that you bought a portfolio of stocks for $200,000 ...
For example, you cannot deduct fees for counseling, litigation or tax advice that you got during your divorce. The 2017 Trump tax plan also eliminated the deduction of legal expenses that were ...
The most important aspect of a divorce, involving federal income tax, is confirming that the divorce is valid. In Estate of Goldwater , Leo and Gertrude were married in 1946 and 10 years later the two separated. [ 20 ]
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The U.S. tax code allows taxpayers to claim deductions that reduce taxable income, such as certain charitable contributions, mortgage interest, and state and local income, property, and sales taxes (such deductions which are subject to limitations including, but not limited to, the $10,000 state and local tax deduction limit and the 50% AGI ...
Marriage is a legal institution as well as an emotional one. It has implications that range from your tax status to debt, contracts, legal rights, medical oversight and much more. So when it comes ...
Because of tax credits, the effective lower limit on taxable estates was $338,333. Ohio also allowed a "marital deduction" equal to the net value of any asset passing to the surviving spouse. In 2005, another inheritance-related tax, called the Ohio additional estate tax or "pick-up tax", was eliminated [1] (see entry at "sponge tax").
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