Saturday, July 6, 2013

I am in the military and have rental loss on my tax return with my husband - does the court include that when figuring income?

Q: I'm was served for Child support - and am about to go to the hearing. In military so we had to rent out our first home while we were stationed elsewhere.  I currently brings in less income than we receive house is in current husband's name but it is joint on our tax return.  husband is military spouse and does not work - I am the bread winner in our family.


A: The Court does not technically count a "loss" as income, as income is what you earn. That said, because you have a short-fall between what you receive in rent versus the mortgage, this is now an expense which the Court can factor into the overall mix.  -- David Bliven, Westchester Family Law attorney (www.blivenlaw.net)
 

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