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Glenda Moehlenpah
Financial Bridges
14334 Gaelyn Ct, Poway, CA 92064
Phone: 858-486-0100
Email: glenda@financialbridges.com
March/April 2023
Tax Breaks for the Recently Divorced
Divorce can negatively affect the finances of both spouses, so it’s helpful to work with your tax professional to become aware of tax breaks that may lessen the financial burden.
Filing Status.
If you’re still married as of December 31, consider filing a joint return. Alternatively, if you’ve lived apart for at least six months, file a separate return, and if you have a dependent living with you for more than half the year, you may qualify to file as head of household.Home Sale.
Individuals can exclude $250,000 of gain ($500,000 for couples) on the sale of a home owned and lived in for at least two of the last five years. Sales after a divorce can still qualify for a reduced exclusion even if the two-year test hasn’t been met.Alimony.
Alimony is deductible if the divorce agreement was in place and not changed before December 31, 2018. Otherwise, it's not deductible (or taxable to the recipient).CONTACT US
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