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Jane and Bill have lived in a home Bill inherited from his parents

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Question;Jane;and Bill have lived in a home Bill inherited from his parents. Their;son Jim lives with them. Bill and Jane obtain a divorce during the;current year. Under the terms of the divorce, Jane receives possession;of the home for a period of five years and custody of Jim. Bill is;obligated to furnish over one-half of the cost of the maintenance;taxes, and insurance on the home and pay $6,000 of child support per;year. Bill lives in an apartment.What tax issues should Jane and Bill consider? Explain.

 

Paper#39851 | Written in 18-Jul-2015

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