You Have Set the Wedding Date, Now What Do You Do If Your Future Spouse Owes IRS

You can be held liable for your spouse's tax liability depending on which state you live in.

In most states, property owned by a spouse before marriage remains that spouse's separate assets or property.  Assets acquired during marriage are generally considered joint property.

The IRS can legally go after property owned by both spouses to cover the tax liability of just one of the spouses.  The good news is:  IRS will not take the share of assets of the non debtor spouse.  It is our suggestion that you seek out a Tax Professional.

Beware that if a spouse without a tax liability gives a spouse who has a tax liability interest in property -  IRS can take the property.

If you have set your wedding date, and your future spouse owes IRS, it may be a good idea to contact your Tax Professional for advise on how to protect your assets.  Also, realize that your FICO Score will also be affected by marriage.

If you are already married and IRS has applied your refund against your spouse's liability, or you're concerned that the IRS may do so, you can complete a Form 8379 - Injured Spouse Claim and Allocation.  This form requests identifying information for you and your spouse, and information needed to determine how much of the tax — and refund — is attributable to each spouse.

This short article is brought to you by http://www.taxeswilltravel.com For legal explanation of the above article, visit: http://www.irs.gov  keywords; spouse tax liability

 


 

 

 

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