No matter how long your marriage lasted, a divorce in Tennessee can completely upend how you do your taxes and introduce new rules and regulations. A one-week marriage or a 50 year one, the results can be the same. According to credit karma, there are several changes you should be aware of and watch for after your divorce.
You will want to choose a new filing status. Since you are now single, you can no longer file together with your spouse. You also must go one step further and choose if you want to file as head of household or as single. If you are the head of the household, you do get certain benefits but there are also guidelines for who can file with that status.
If you and your spouse have dependent children, you must also decide who gets to claim them come tax time. Parents get a tax credit for having children, but you cannot both file for the credit. In most cases, the custodial parent is the one who gets the deduction, although an exception can be made in some cases.
Any alimony and child support must also be included in your tax filings. Now that it is part of your divorce decree, it also needs to be a part of your taxes. Child support is not tax-deductible, but alimony or spousal support can be deductible. If you are receiving alimony, you must include the money as gross income.
Finally, if you sell your home during the divorce and make money off the sale, there may be implications for your taxes. You may qualify to avoid part of the gains to save some money off your tax bill, but you may want to discuss your options with a qualified family law attorney before filing.
This is intended for educational purposes and should not be interpreted as legal advice.