What are the tax implications of divorce?
Divorce can significantly affect your taxes. For instance, alimony payments may be deductible for the payer and taxable for the recipient.
What about property division? How does that affect taxes?
When dividing property, the transfer itself is usually not taxable. However, if you sell the property later, capital gains taxes may apply.
Are there any tax benefits I should be aware of after a divorce?
Yes, you may qualify for certain tax deductions or credits, such as head of household status if you have dependents.
Should I consult a tax professional after my divorce?
Absolutely! A tax professional can provide personalized advice based on your specific situation and help you navigate any complexities.
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