QUESTION
Am I liable if my husband failed to report $40,000 investment income that is solely in his name in our 2010 joint return?
Asked on Oct 23rd, 2012 on Taxation - Missouri
More details to this question:
We are separated but not divorced. We've been living separately for two years. He never let me know he owned the stock, sold it and failed to report it. The IRS is now coming after us both. I can prove he moved out in 2010 and has been paying me child support ever since.
6 ANSWERS
Trust Attorney serving Cincinnati, OH
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Paul A. Nidich Attorney at Law
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You may have to get a divorce then filed for Innocent Spouse Relief. I go see a Family Law attorney to get a referral to a Tax Attorney, or go to a Tax Attorney to get a referral to a Family Law Attorney. Either way, unless you are particularly lucky to find one attorney that does both, you are going to need two attorneys. Good luck.
Answered on Oct 27th, 2012 at 2:32 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Yes. You are jointly and severally liable for the tax. That means he owes all of it; you own all of it; together you owe all of it. The IRS can take whatever they find. As and between you and him, probably he is liable to reimburse you for what is taken from you. But that has no effect on your basic question. See above.
Answered on Oct 26th, 2012 at 5:51 PM
Appellate Practice Attorney serving Cheyenne, WY
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Lynn Boak Attorney at Law
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You should immediately file for "Innocent Spouse Relief" with the IRS. You can find the necessary form at www.irs.gov.
Answered on Oct 26th, 2012 at 5:25 PM
It is possible you might avoid liability for your husband's failure to report his investment income under the IRS "Innocent Spouse" rule.? There are very specific requirements you would have to meet to avoid liability under this rule, so it would be essential to speak to an attorney about this right away.
Answered on Oct 25th, 2012 at 10:19 PM
Tax Attorney serving Naples, FL
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Henderson, Franklin, Starnes & Holt, P.A.
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Yes are liable unable you can prove to the IRS that you are entitled to "Innocent Spouse" treatment.
Answered on Oct 25th, 2012 at 10:05 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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If you filed a joint return with your husband for the years in question (even though separated) you would be liable for any taxes. If you filed a separate return in those year you should not be.
Answered on Oct 25th, 2012 at 8:51 PM