Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-13-2017, 03:37 PM
Junior Member
 
Join Date: Feb 2017
Posts: 1
Before I get married

I am looking to get married in 2018. However, I have back taxes due. What can I do to make sure my fiance's assets are protected. She has a home, car and retirement account that I want to make sure are not touched because of my situation.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-14-2017, 02:16 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by dancoa View Post
I am looking to get married in 2018. However, I have back taxes due. What can I do to make sure my fiance's assets are protected. She has a home, car and retirement account that I want to make sure are not touched because of my situation.
I am looking to get married in 2018. However, I have back taxes due. What can I do to make sure my fiance's assets are protected. She has a home, car and retirement account that I want to make sure are not touched because of my situation.=====>Her assets are protected; The situation becomes more complicated if you live in a community property state: Louisiana, New Mexico, Washington, Wisconsin, Texas, Nevada, Idaho, California and Arizona. In some of these states, the law allows the IRS to collect past due taxes from either spouse, regardless of who owes them or who filed and signed the return.However, aslonmgas her assets were possessed by her before narriage, then it?d be protected from IRS. The community pty system considers property that was acquired before marriage, as a gift, or through inheritance as separate property . Property apart from gifts or inheritances that is received after the marriage, whether income or real property, is considered to be the property of both spouses and

not all taxpayers want to share their spouse's tax debt. The IRS respects this and there are ways you can avoid the repercussions of back taxes your spouse hasn't paid.In general, If your spouse?s tax debt is the result of returns she filed before you were married, then, you typically have no obligation to pay them.In your case, you still carry the back taxes after you get married, and say she is subject to tax refund, then, If you file a separate married return in these circumstances, the IRS typically won't take her personal refund. The downside to filing separately is that she may lose out on some tax breaks. Taxpayers who file separate married returns typically pay more in taxes for a number of reasons, one of which is the fact that they can't qualify for certain credits, such as those associated with educational expenses and dependent care. If your spouse elects to file a joint married return with you to avail herself of the tax advantages, she is not doomed to losing her r share of the refund. However, she has to take additional steps to claim it. The IRS will apply it to your debt unless she files Form 8379. Form 8379 is an injured spouse allocation. When the IRS receives it, it should divert her fair share of the refund to her, provided she qualifies.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
should I get married before year end? soflo954 Miscellaneous 1 12-16-2014 10:25 PM
Can same-sex spouses file federal tax returns using a married filing jointly or married filing separately status? TaxGuru For 2013 0 02-10-2014 06:08 PM
Can I file as married? sam74268 For 2013 2 02-02-2014 06:09 PM
Should we wait to get married? eeccbb79 Estimated Taxes 0 11-24-2010 03:35 PM
filing married joint or married separate cherrefaire77 Filing Requirements 1 02-20-2008 10:17 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.