Getting a divorce can touch so many parts of your life.
Not only does it affect your children, child and spousal support, property and assets, but it affects your taxes. Unless you know exactly what to do, divorce, taxes and your home can become a complete mess as far as the Internal Revenue Service is concerned.
A first-time homebuyer tax credit is available only to certain homebuyers who qualify. In order to qualify, you must be able to comply with:
· Purchasing a main residence in the United States within a mandated time
· You must live in this home for a minimum of 3 years
· Have a set income based on the modified adjusted gross income
If you and your spouse separated before the completed residency requirement, you will need to repay the tax credit given. Divorce and tax issues can be complicated. If you fit into this situation, consult an experienced Orange County Family Law attorney who can help you figure out what you owe and when it is due.
