Marriage Archives - John R. Dundon II, Enrolled Agent

20 Aug Sophy v. Commissioner – Reviewing Mortgage Interest Deduction Limitations

Posted at 00:00h in Debt, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Examination, Marriage, Mortgage, Paying Taxes, Tax Filing Status, Tax Guidance & Preparation

Taxpayers living in Vail Colorado contacted me most recently to represent them in an IRS audited covering tax years 2009, 2010 and 2011 relevant to several small items but specifically to the mortgage interest deduction claimed on Schedule A of form 1040. The taxpayers are domestic...

26 Jun US Supreme Court DOMA Throw Down – Progress or Kabuki Theater?

Posted at 00:00h in Filing Status, Marriage

The fact of the matter is that the IRS will continue to define marriage for US Taxpayers everywhere in that only one man and one woman married to each other can file an income tax return with the filing status of married/joint. This filing status,...

Business Entity Selection and the Tax Consequences of Converting

22 Mar Acquisition Debt and Divorce

Posted at 00:00h in Basis, Debt, Family, Gift Tax, Home Office, Marriage, Tax Guidance & Preparation

Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment of the transaction under IRC...

25 Jul Domestic Partners: Income Reporting

Posted at 00:00h in Family, Foreign Income, Marriage, Offer In Compromise, Paying Taxes, Private Letter Ruling, Tax Guidance & Preparation, Uncertain Tax Position

The IRS issued three rulings in 2010 to address how the income of registered domestic partners in California should be reported and taxed for both state and federal income tax purposes. In Chief Counsel Advice 201021050, the IRS determined that for tax years beginning after December 31, 2006, registered domestic partners in...

22 Mar Marriage as Defined by the IRS

Posted at 00:00h in Alimony, Marriage

Thinking about one's marriage in IRS terms quickly can turn anybody into a stand up comedian. In all seriousness though the times appear to be ripe for change in how the tax law defines marriage. I write this because the Justice Department announced that it...

02 Feb Impact on Your Taxes of Changing Your Name

Posted at 00:00h in Marriage

If you changed your name as a result of a recent marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on...

28 Jan Tax Benefits for Parents

Posted at 00:00h in Dependent, Family, Marriage

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able to take this credit on...

05 Jan Recently Married or Divorced?

Posted at 00:00h in Family, Marriage

If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. Here are five facts from the IRS for recently married...

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