What is the name of your state? Maryland
My 15-year old child has been living with after our divorce until this year when he wanted to live with his father to go to high school. We are operating under a custody agreement which has never been ammended which says that because he lives equal time in both households, neither of us can ask for child support. Now he's not living with me 50% of the time because his father has moved far away and during the school week he's there and on weekends with me.
I have been sending "child support" to my ex because he makes less money and I thought it was fair even though i don't have to unless the agreement is ammended. But apparently, at this point (and for 2005) because the agreement is still in place in its original state, these payments may be taxable to me as "gifts." Is this true? Is there any other option?
My 15-year old child has been living with after our divorce until this year when he wanted to live with his father to go to high school. We are operating under a custody agreement which has never been ammended which says that because he lives equal time in both households, neither of us can ask for child support. Now he's not living with me 50% of the time because his father has moved far away and during the school week he's there and on weekends with me.
I have been sending "child support" to my ex because he makes less money and I thought it was fair even though i don't have to unless the agreement is ammended. But apparently, at this point (and for 2005) because the agreement is still in place in its original state, these payments may be taxable to me as "gifts." Is this true? Is there any other option?