October 23rd, 2005 by Questions
FILING INCOME TAX TOGETHER . HOW WILL THAT AFFECT THINGS IF & WHEN MY SPOUCE FILES BANKRUPSY.
October 25, 2005 at 9:34 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
If you are living Common-Law and normally file as living common-law there will be no real change on your taxes if you spouse files bankruptcy. The only thing to consider is where you report your spouses net income, you will have to add together the amounts from your spouses 2 tax returns in order to obtain the necessary figures. This is because during the year of bankruptcy there are 2 tax returns that must be completed, one from January 1st to the date of bankruptcy, and the second from the date of bankruptcy to December 31st.
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