Prepare full divorce agreement that deals with their assets

Assignment Help Taxation

Reference no: EM133472396

Case: Goose is separating from his wife Carole. This is going to be so hard on Rooster, their 10 year old son. They have agreed for Carole to stay in the house with Rooster. Goose has found a 2 bedroom apartment near the house and he will have custody of Rooster on weekends. Carole gave Goose $5,000 to help with the damage deposit and other expenses related to moving to the apartment. She has also agreed to pay the monthly rent of $1,200 and transfer another $1,500 per month directly to Goose. They wrote an agreement out themselves with these terms. However, they will have lawyers prepare a full divorce agreement that deals with their assets as well as any payments. Goose is wondering whether he will have to pay taxes on any of these payments.

Need a critical thinking analysis to determine whether the payments received by Goose would be spousal support payments. Explain how these will be included (or not included) in Goose's taxable income.

Reference no: EM133472396

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