Divorce and Taxes in 2018

Filing status is based on your status as of December 31.  If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and you cannon choose Married Filing Jointly as your filing status.  Learn more by clicking on the “Download Article” button.

 

 

Cancellation of Debt – Insolvency

Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation.  If a cancelled debt is excluded from income, it is nontaxable.  Learn more by clicking on the “Download Article” button.