taxes

[jsarniejr]

What is the name of your state?MA wife and I are separated One child lives w me on with her.shes under temps to pay morgage,Ive helped her with the payment ..about 4,000.can Claim that one my taxes as we are filing separate returns this year john

 

[LdiJ]

What is the name of your state?MA wife and I are separated One child lives w me on with her.shes under temps to pay morgage,Ive helped her with the payment ..about 4,000.can Claim that one my taxes as we are filing separate returns this year john

If there are no court orders spelling out who gets to claim the children, then the tax regs rule.

Under the regs that parent with whom the child primarily resides is the parent who gets to take the exemption.

 

[VeronicaGia]

What is the name of your state?MA wife and I are separated One child lives w me on with her.shes under temps to pay morgage,Ive helped her with the payment ..about 4,000.can Claim that one my taxes as we are filing separate returns this year john

You need to file contempt of court against her for not paying the full mortgage. You also need to ask that the house be sold since she cannot afford it. The mortgage company doesn't care what a judge orders, whoever signed the mortgage documents is responsible to pay.

 

[acmb05]

ok

What is the name of your state?MA wife and I are separated One child lives w me on with her.shes under temps to pay morgage,Ive helped her with the payment ..about 4,000.can Claim that one my taxes as we are filing separate returns this year john

Have you helped her voluntarily and do you have receipts showing what the money went for. It's the interest that is deducted in taxes and on 4000 it would not be much unless the mortgage is fairly new(less than 5 years)

If you helped her voluntarily I dont think you could get her for contempt seeing is how she is not behind on the payments. Anyway so far you dont seem to want to stick it to her.

Ask your tax preparer what options you have as far as the 4000 you gave her.

 

[LdiJ]

Have you helped her voluntarily and do you have receipts showing what the money went for. It's the interest that is deducted in taxes and on 4000 it would not be much unless the mortgage is fairly new(less than 5 years)

If you helped her voluntarily I dont think you could get her for contempt seeing is how she is not behind on the payments. Anyway so far you dont seem to want to stick it to her.

Ask your tax preparer what options you have as far as the 4000 you gave her.

Anything on the mortgage payments would only be useful if he has enough other deductions to itemize.

 

[jsarniejr]

heres the situation,she said she couldnt afford the mortgage so I helped her,one son still lives there as well as my 800 fico score.Then in dec I decided to make a credit card payment with my bank online,it was the first,time i ever did that her card is at the same bank diff accoubt.By paying online it gave me her credir payment history .she had been paying hers off in full onlione everymonth,so I stopped helping her ,she was choicing her personal cc bill over the joint mortgage ****************************now she failed to make januarys morg payment ....she was hosing me to help her?????

 

[LdiJ]

heres the situation,she said she couldnt afford the mortgage so I helped her,one son still lives there as well as my 800 fico score.Then in dec I decided to make a credit card payment with my bank online,it was the first,time i ever did that her card is at the same bank diff accoubt.By paying online it gave me her credir payment history .she had been paying hers off in full onlione everymonth,so I stopped helping her ,she was choicing her personal cc bill over the joint mortgage ****************************now she failed to make januarys morg payment ....she was hosing me to help her?????

Ok...now you are asking two different questions.

Tax law and credit card/mortage issues are completely separate.

I already gave you the response as far as tax law is concerned regarding the exemptions for the children. That stands.

As far as a schedule A deduction for part of the mortage (which someone else suggested) that only is relevant if you have enough schedule A deductions where the mortgage would be a factor. With today's interest rates (and today's standard deductions) many people can't come out ahead by itemizing.

However, when it comes down to your credit score the bottom line is that as far as the mortgage company is concerned (legally) you are equally responsible for the mortage. Therefore, no matter what the court ordered, if she doesn't pay it...and you don't, your credit score is going to get tanked.

No matter what the family law judge orders...its going to remain that way...The family court judge can't override a mortgage agreement.

So, if you want to protect your credit score then take it in front of the judge and ask that she either be forced to refinance the home into her own name (including for enough to buy you out if applicable) or that the home must be sold and the proceeds split according to your agreements/orders.

As long as you are on the mortgage you need to make sure it is paid...in order to protect your credit...fairness is irrelevant. You can deal with the issue of fairness in terms of who collects more in equity when the property is sold.