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However, even if the first day of legal separation or divorce from the spouse is December 31, one cannot file a joint return for any portion of that year. [7] Certain married individuals, not legally separated or divorced, may still be considered single for purposes of filing tax returns if they are living apart. [8]
If you were not divorced or legally separated until after the end of the tax year, you must file that year’s tax return as married, and you may file jointly with your former spouse.
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
Marital deduction, often referred to as gift to spouse, is a type of deduction that allows a person to give his or her spouse a gift with reduced or no tax imposed upon the transfer, for transfers given in a calendar year. [18] Some marital deduction laws even apply to transfers made postmortem.
The key similarities between a legal separation and a divorce are: Any new income that you earn after the date of separation is yours alone and not typically considered a marital asset;
The general rule in § 1041(a) is that no gain or loss shall be recognized on a transfer of property from an individual to a spouse; [1] or a transfer of property to a former spouse if the transfer is incident to the divorce. This rule also applies on a transfer of property from a trust for the benefit of a spouse or former spouse if the ...
But the law does allow the primary parent to transfer the right to claim a child as a dependent for tax purposes to the noncustodial parent. ... legally divorced or separated for at least six ...
Other couples may separate as an alternative to divorce for economic or religious reasons, for tax purposes, or to ensure continuing retirement and/or health insurance benefits for both spouses. A separation can be initiated informally, or there can be a legal separation with a formal separation agreement filed with the court.