Allocation of Income Tax Exemptions For Children and Deductions For Real Estate – An Often Overlooked But Important Issue In Divorce and Separation Situations

calculator-385506_640Many people in divorce and separation proceedings simply assume (1) the primary custodial parent of a child receives the child’s income tax exemption and (2) the party living in a house or condo receives that property’s deductions (e.g., real estate taxes, mortgage interest).

Those are the general rules – but parties can negotiate a different result and courts can order a different result, if asked.

When exemptions and deductions are negotiated, they are often evenly divided.  If there are two children each parent takes one, or if there is one child the parties alternate taking the child every other year.  The real estate deductions can be divided similarly.

As your attorney, I can also use the exemptions and deductions to “trade off” for something else that’s important to you.

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