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Is Filing Separate Tax Returns Necessary with Income from Separate Property

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  • 12-31-2017, 12:49 PM
    marriagewithfear
    Is Filing Separate Tax Returns Necessary with Income from Separate Property
    My question involves a marriage in the state of: California

    Income that will be reported on next year's tax filings also can complicate community property issues, so a join tax return or two married filing separately might need to be considered. An example would be stock in a company being sold which has a tax liability.

    "Separate property can be transmuted into community property not only by agreement but by actions too. Seemingly innocuous acts, like one person making a mortgage payment on their spouse's separate residence, can have an impact."

    Does filing cause an issue?
  • 01-01-2018, 03:12 PM
    Mr. Knowitall
    Re: Is Filing Separate Tax Returns Necessary with Income from Separate Property
    Speaking broadly, filing as married will not affect whether or not property is separate or community property; but you should discuss the details with your attorney.
  • 01-01-2018, 06:18 PM
    Taxing Matters
    Re: Is Filing Separate Tax Returns Necessary with Income from Separate Property
    Filing as married itself would not. But paying a tax with community funds may result in problems with conversion (at least in part) of an asset to community property. I would certainly NOT ask a tax preparer about community property law. That is not an area that a tax preparer would necessarily have any knowledge and the preparer giving advice on that may violate the law against unauthorized practice of law. That would be a question best asked of a family law attorney.
  • 01-01-2018, 10:56 PM
    marriagewithfear
    Re: Is Filing Separate Tax Returns Necessary with Income from Separate Property
    Assume paying the separate property tax liability from the separate property funds.
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