Tag: assets

Going through a divorce can be a very stressful and life-changing time. There are many aspects individuals must consider when a rental property is involved in a divorce. We are here to guide you through some of those considerations. The initial questions that must be answered include: If the Property is Currently Rented One option for the parties to consider if the property has positive cash flow (income) is to continue maintaining the property as rental property until the tenant’s… Read more ›

Councilor, Buchanan & Mitchell (CBM) Senior Manager of Divorce Finance and Litigation Support, Jamie Blum, CPA, CDFA®, and Senior Manager of Litigation Support and Forensic Services, Jordan Egert CPA, CFE, CDFA® will… Read more ›

First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there’s some good news: The law has made AMT rules more taxpayer-friendly through 2025. In addition, other TCJA changes reduce the odds that you’ll owe the AMT for those years. Even so, you may still benefit from taking steps now to avoid or minimize it. Know the Basics The AMT is connected to, but separate… Read more ›

When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple’s assets are split up in a divorce property settlement. State Law Is Important How assets are split up in a divorce depends largely on where the divorcing couple lives. The following nine states are community property states: California, Texas, Washington, Wisconsin, Arizona, Nevada, New Mexico, Louisiana, and Idaho. In these states, the general… Read more ›