Tax,
Family
Jul. 6, 2012
Five key tax rules to know about divorce
Very slight differences in mechanics can yield huge tax differences for one or both spouses.
Robert W. Wood
Managing Partner, Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Death and taxes may be inevitable, but for many Americans divorce also ranks high. It is both likely and unpleasant. If you're careful, though, it's possible to divorce and not face major tax bills.
But a surprising number of tax flubs are committed every year during or as a result of divorce, even by professionals. It may be several years later when the tax problems appear. At that point it is usually not easy to fix them and interest and penalties are invariably added. V...
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