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Articles on Tax Matters
Marriage or Divorce - Check Your Social Security Number
ewlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA).
Jul 13, 2005, 21:23
Why Isn't Child Support Tax Deductible or Pre-Tax?
Why is not that child support pre-tax? It only makes sense that child support being based on gross income would be deducted pre-tax. Why is it taxable for a noncustodial parent and non-taxable to a custodial parent? I am so confused. What can I do to fix this?
Many people share your view that it is unfair that paying child support provides no tax benefit to the noncustdial parent, while the custodial parent garners the benefit of untaxed "income". However, when looked at from the perspective of the tax agencies, it makes a bit more sense, although this really offers no solace.
Sep 3, 2004, 20:03
Are Gambling Losses Tax Deductible?
My wife and I took a trip to Las Vegas this year, and while we did not go over our budget, we did suffer a bit of a loss at the blackjack table in the casino.
I have been told by a friend that it may be possible to deduct my gambling losses on my taxes - is this true?
Jul 8, 2004, 12:54
Who Gets the Tax Exemption for a Child of Divorce?
I am divorced, and my daughter lives with my ex. I pay nearly 100% of all expenses for my daughter, and certainly far more than half. I can take the tax exemption for my daughter, right?
This is a very timely question. With tax season soon upon us, we would do well to flesh out and answer the questions most commonly associated with the exemption for minor children.
Of course, if you and your child's co-parent live together, then who claims the exemption isn't likely to be a major concern for you. But what about if you and the co-parent are disunited?
Many people believe that, as used to be the case, if you contribute fifty percent or more towards the upkeep of your child, then you are entitled to take the exemption. This is, however, no longer the case.
Jul 8, 2004, 12:48