How do I split the home owner tax credits with my ex?
I’m getting ready to do my tax return soon and have a question about how much I should get in any home owner tax credit versus how much my ex (who’s on the title) should get.
I purchased a condo with my ex back in ’08. We broke up and she moved out in 2010. (Her decision) (And no, we were never married or legal domestic partners)
I was the one who took all of the financial risk and put all of the $30k down for a down payment. The first two years of the purchase I even paid about 70% of the monthly mortgage due to my higher income (at the time). We are both on the title and for the last few years now have been splitting the monthly mortgage equally even though neither of us lives there anymore. (we rent it out but not enough to cover the whole monthly mortgage payment and HOA)
However, my ex knew ahead of time that her job would be ending at the end of 2012 and warned me that she wouldn’t have money to continue paying into the mortgage because she wanted to go back to school. I assumed that she would look for another job ahead of time because the schooling is online. I I invited her to sign a quit claim deed so that she could painlessly and at no risk to her, remove herself from ownership or responsibility to pay. There is still no equity in this home and she decided not to take herself off the title because she thinks she might make some money on down the road with this property if we sell it or manage to rent it at a profit.. but so far that is not the case. She has not paid anything for the last two months and still wants to split that tax credit 50-50% with me. I feel I am entitled to more of or all of the tax credit as I put all of the money into the down payment with money from my retirement fund and also unfortunately ended up in a higher tax bracket because of the money i took out and took a huge tax penalty hit. It seems like she wants to ride along sharing the same amount of benefit even though our contributions were not 50-50% and we are no longer a couple.
Does anyone have an idea of whether this is fair. My tax person seems to think that I should not give her any of the tax credit. (She isn’t working just going to school and I don’t think she is even trying to look for a job.) I don’t know why she hangs onto the property -even if we were to finally sell it for some kind of profit, I believe I am entitled to get all of my investment back before she gets some return if any.
Any opinions on this? Do you think she should get half the tax credit just for sharing the monthly mortgage although I put all the big money in? What about the fact that she hasn’t contributed anything last two months since starting school? I don’t know if she’ll be able to pay anything in the next few months and I’m having to pay it by myself lately?
PS- I also let her claim the First Time Home Buyer credit because I don’t want to deal with having to pay it back and I didn’t want it. However, this question has nothing to do with the FTHB credit. Just the 2012 tax credits I may be entitled to. Thanks.
excuse me: not “credits”, but tax money back in deductions, etc.
A quit claim does not remove her responsibility from paying. It takes her off title not the note. You are both legally 50% owners that’s just the way it goes. She needs to pay half and get half. This is why it’s such a bad idea to buy if you aren’t married.
How does Derek Jeter feel knowing he is hands down the most overpaid shortstop in MLB…?
At least based on his offensive performance & defensive range in 2010. I bet he doesn’t feel the least bit guilty, because of all of his “contributions” to the Yankees and being an ambassador of baseball and all. Doesn’t Hanley Ramirez make like 12 million? I don’t know how much Tulowitzki made this year.
It has everything to do with “return on investment”. Name one SS that has made more money for his organization than Derek Jeter. You say he’s overpaid. How many millions of tickets and marketing memorabilia has Jeter been responsible for over the course of his 15 year career? No, I don’t think that, I the world of the multi millionaire athlete that Jeter is overpaid.
Obviously we, as fans, cannot comprehend the kind of money these athletes make. What Jeter has helped bring to New York in terms of championships has been well worth the money he has made. Perhaps his latest contract is a reward for that effort. Jeter is a future HOFer. Can the same be said about the others you’ve mentioned?
How to get free slot play in Las Vegas?
I’m gonna be going to Las Vegas for about 5 days in March 2010, and I was wondering how to get free slot play/coupons/comps in Las Vegas. Do I sign up for each casino’s players club? Do the casinos have coupon books inside? Are there any casinos off the strip that offer any free buffets or free slot play? Could someone tell me the best way to get some freebies in Vegas, thanks.
Here’s some great tips:
First of all BUY a copy of the American Casino Guide 2010 edition – it’s like 13 bucks on Amazon and it includes a ton of match plays, free slot play and show tickets when you sign up for various cards, coupons for double points for slot machines at several casinos and a bunch of food deals like buy one get one free coupons for buffets and various restaurants and free drink coupons.
I go to vegas 3 or 4 times a year and I’ve bought the book the last 3 years – it’s a great investment. (In fact I’m going to vegas in a week and I just bought a second copy so I can get the coupons back that I used during my list trip a few months ago
Second when you go to a new casino (keep in mind that many share the same players card/ownership) check out if they have any deals for sign up – many will give you free show tickets (riviera gave me free tickets my last trip for any show I wanted) or slot play. Also its a good idea to concentrate your play on only a few cards, which you should always use. Particularly if you think you might want to return to vegas sometime in the next year. Many casinos are hurting pretty badly and will send mail offers for free rooms to even moderate slot players – I’m getting most of my stay comped this trip and I’m by no means a high roller (or even a moderate roller). Stratosphere is notoriously good from free room offers to even low rollers (not a bad place if you’re young and not rich), and the bconnected properties (Gold Coast, Orleans, Main Street Station etc) are also really good for future offers even to moderately low rollers.
If you like the slots do yourself a favor and gamble downtown or off strip (The Palms is just west of center strip (free shuttle from Bills to Gold Coast which is across the street from Palms), has awesome slots, even better video poker and is a pretty hip joint.
The other thing to do before you book a hotel if you dont have a comped room is to check for coupons codes for the various travel sites. Right now Orbitz has a deal for 40 dollars off 3 night hotel stays with the code AFFORB40 – you can get a room crazy cheap (under 10 bucks a night in some cases) Want to stay longer? Book 2 seperate 3 night stays and use the code each time.
Lastly cheap out the website cheapovegas.com – a really cool review site – that will tell you alot about the various vegas casinos.
Hope this helped.
How does college tuitions increase relate to personal finance?
how does the above relate to personal finance? All i can think of is we learn about budgeting in that class and that class i guess prepares us for college, but i don’t think that’s the right answer or what the teachers looking for.
Higher college tuitions mean more cost to you in the future.
That means you will have to plan for this increase (and even better any future increase) in your budgeting.
You will need to save more today to pay more tomorrow OR find an investment that return more so you will still hit your target.
I want to convert IRA’s set up with after tax contributions to a Roth IRA in 2010. Are there Tax implications?
I have several IRA’s that are all funded with after tax contributions and have not been deducted from any tax return. Can I convert then in 2010 to a Roth without any penalty or tax payments?
I believe they will not charge any tax to you. Any 401k’s however will. Call you investment agency whom you are opening this account with. They will give you a definite answer
Roth IRAs are definitely the best in my opinion. ESPECIALLY if you earn more money in the future and boost yourself into a higher tax bracket, since you already paid taxes on it previously.
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