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ACC Discussion Question - What tax issues should Jane and Bill consider?

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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#41327 | Written in 18-Jul-2015

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