Divorce CPE question - Spidell

Divorce CPE question

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Message Board Divorce CPE question

This topic contains 4 replies, has 4 voices, and was last updated by Mark Prendergast 10 months ago.

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  • #33817

    If payment of mortage interest and perhaps property taxes can count as alimony, can the taxpayer who pays it also take a deduction for mortgage interest and property taxes on Schedule A as well as the deduction for alimony?

  • #35540

    If you are asking about taking two deductions for the same expense, the answer is no.

    • #35541

      Lynn, can you please answer this question?? at the end of the webinar, you and Kartryn referenced taking 1/2 alimony and half mortgage…can you please elaborate? That part did not make sense and there was a lot of static on the recording

      • #35542
        Lynn Freer

        If the taxpayer and spouse own the property 50/50 and the pay or pays 100% of the payment then half is his share of the payment and he deducts the interest. The other half is her share and is alimony 

  • #120040
    Mark Prendergast

    It’s important to see what the marital settlement agreement (MSA) says.  People can do whatever they want and they tend to make up rules as they go . . . or try to make up the rules after they’ve done the deed.

    If the MSA says Spouse1 pays the 100% of the mortgage/prop taxes for the house in which Spouse2 resides as part of the spousal support, then it’s alimony.

    If the MSA says Spouse1 is required to pay his/her share of those costs (based on ownership) and Spouse2 pays his his/her share, then it’s not alimony.

    Gotta start with the MSA to see exactly what the court says.  Not what the client thinks it’s all about.