QUESTION
Shouldn’t that income from rents that she deposits in her checking account count as income?
Asked on Apr 09th, 2013 on Divorce - California
More details to this question:
Future ex wife purchased our house from me with her parents. The house is in parent’s name only. Wife put down the money. Wife pays taxes, insurance and gives rent receipts to tenants. She pays mortgage and deposits rents into her bank account. She has applied for tax break under her name and increased her salary on assessor’s forms.
4 ANSWERS
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
It is income to her from her Parents.. and she must pay federal and state taxes on it as income.
Answered on Apr 11th, 2013 at 12:34 AM
Family Law Attorney serving Peoria, AZ
at
The Law Firm of Jessica M. Cotter, P.L.L.C.
Update Your Profile
The rents that she is depositing into her personal account can count as income if there is a profit from the rentals. You need to have the tax information looked at by an experienced family law attorney in your area. Does this question of income relate to the calculation of child support? Does it relate to a request for spousal maintenance?
Answered on Apr 10th, 2013 at 12:22 PM
Dennis P. Mikko
Renting is a business so the entire amount received as rent would not be income. However, if she is receiving the rent, then after expenses are deducted, the net should be income to her and included as income for calculation of child support.
Answered on Apr 10th, 2013 at 12:22 PM
Yes
Answered on Apr 10th, 2013 at 12:21 PM