Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 273 August 27, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 273 August 27, 2004 |
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 » From: Philadelphia, PA Dear TaxMama: My ex is offering to help me with grad school. What is the best way for him to pay my bills and not have it show up like income on my taxes? Any suggestions? Thanks. Ann  Hi Ann, What a nice guy! Would he divorce me, too, please? Since he's so kind, let's help him, without hurting you. Do you live in a house you own? Is he still on title? And on the mortgage? If he pays the mortgage, he can get a deduction for the interest he pays - and you won't have to declare any income. If he simply gives you a chunk of money to cover all your expenses for the duration of school, it doesn't need to be income to you - it could still be a division of your martial estate. But he won't get a deduction for it. Also, unless you have a court order requiring him to pay you alimony, anything he pays you is not alimony. Besides, he may give you up to $11.000 per year without getting himself hit for gift taxes. And you don't need to declare any income. Does this help at all? Best wishes, Eva Rosenberg Your TaxMama  |
 
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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